SupplyChain Magazine April 2021 | Page 64

BLOCKCHAIN

Originally the blockchain network was developed for cryptocurrency usage . But over the past decade , mainstream institutions and companies have realised the potential power that blockchain can enable within daily operations . Some key benefits are :

The blockchain system grows through mutual agreement ; every time a new transaction — known as a ‘ block ’ — is recorded , a network of peers review its contents before allowing it to join the chain .

Given that blockchain technology is decentralised and transactions can be managed safely and securely without the assistance of an overarching authority , parties can confidently work together without the additional cost and delay of middle-men .

Every user works together on the blockchain network through an identical — synchronised — edition of the ledger . It cannot be mistaken on different systems ; everybody sees the identical ledger .

If you have one copy of a ledger which everybody in a network has access to , and a hacker gains access to it , havoc will quickly be wrought . For this very reason , the blockchain ledger is not stored in one location — it is duplicated across the entire network , ensuring that it cannot be corrupted or manipulated from a single location . In essence , it ’ d take an army of hackers to gain access .

The blockchain ledger is immutable — unchangeable , in other words . The ledger gives every person in-network access to a detailed list of every record stored on the blockchain ; there ’ s no way to manipulate or lie about any transaction , preventing fraudulent activity and foulplay whilst ensuring accountability for all parties involved .

The blockchain features timely updates at set intervals . This means that the identical ledger held by each individual in a network will be updated near-instantaneously at set times . Nobody is left behind in a blockchain network .

64 April 2021