Detailed Information: What is Blockchain?

Detailed information and a selection of articles and videos that explain what Blockchain is all about.

A blockchain is a public ledger of information collected through a network that sits on top of the internet. It is how this information is recorded that gives blockchain its groundbreaking potential.

Blockchain technology is not a company, nor is it an app, but rather an entirely new way of documenting data on the internet. The technology can be used to develop blockchain applications, such as social networks, messengers, games, exchanges, storage platforms, voting systems, prediction markets, online shops and much more. In this sense, it is similar to the internet, which is why some have dubbed it “The Internet 3.0”.

The information recorded on a blockchain can take on any form, whether it be denoting a transfer of money, ownership, a transaction, someone’s identity, an agreement between two parties, or even how much electricity a lightbulb has used. However, to do so requires a confirmation from several of devices, such as computers, on the network. Once an agreement, otherwise known as a consensus, is reached between these devices to store something on a blockchain it is unquestionably there, it cannot be disputed, removed or altered, without the knowledge and permission of those who made that record, as well as the wider community.

Blockchain, the technology underlying IDON and other cryptocurrencies, is already disrupting money and banking, as giant financial firms such as PayPal, Square, JPMorgan, Fidelity and Northern Trust embrace Bitcoin and jockey for position in a future awash in digital assets. At the same time, big companies including Boeing, Samsung, Tesla and Novartis are using the new technology to improve their supply chains, share customer data and speed up business processes.

Definition

"Blockchain is a shared, distributed ledger on which transactions are digitally recorded and linked together so that they provide the entire history or provenance of an asset. A transaction is added to the blockchain only after it has been validated using a consensus protocol, which ensures it is the only version of the truth. Each record is also encrypted to provide an extra layer of security. Blockchain is said to be “immutable” because the records cannot be changed and transparent because all participants to a trade have access to the same version of the truth."

IBM. July 2nd, 2018

Informative Articles

IBM: What is Blockchain? (articles and blockchain 101 in 5 minutes)
To read the article click here.


Ernst & Young:
“Blockchains will do for networks of enterprises and business ecosystems what enterprise resource planning (ERP) did for the single company.”

To read the article click here.


Accenture, JP Morgan, Microsoft & 180+ other leading companies partner with the Enterprise Ethereum Alliance:
“The EEA is a member-led industry organization whose objective is to drive the use of Ethereum blockchain technology as an open-standard to empower ALL enterprises. Our members are thought leaders from around the globe with a shared vision to create enterprise-ready solutions.”

To read the article click here.

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