Immutable , secure and error-free , blockchain is gaining traction in supply chain ecosystems . Originally created to record and verify transactions of digital currency , its decentralised format makes the technology ideal for automating smart contracts , proving the provenance of goods and livestock , and securely sharing data between suppliers .

E-Livestock Global leverage Mastercard ’ s blockchain-based Provenance solution to trace ownership , prove health records and track the origin or cattle in Zimbabwe . The system allows buyers and suppliers to transact with full transparency and accoutnability .

Request

An individual requests a transaction which can take the form of data , currency or another asset . The request enters the decentralised data base of connected computers , known as nodes , which underpin the blockchain .

Entry

The transaction is added to a block , a grouping of digital information that represents the transaction or a group of transactions . The block is sent to each node for verification .

Verification

The nodes validate block through a hash process , a complex encryption calculation , which is then added to the blockchain , where it is permanently stored and accessible by participants in the chain .

16 August 2021