What is Blockchain
Blockchain is an incorruptible digital ledger where financial transactions or anything of value can be recorded. Information on a blockchain is stored in a shared database that is constantly updated. This makes records public, verifiable, and secure from hackers since there is no central version that can be altered.
In supply chain management, blockchain technology can track goods, where they come from, and how many there are. This helps with traceability and saving money.
Frequently asked questions
What is blockchain in simple words
Blockchain is a secure way to record information that prevents it from being altered, hacked, or tampered with. A blockchain is a shared record that copies and spreads transactions among computers in the network.
How does blockchain work
A blockchain is “a distributed database that maintains a continuously growing list of ordered records, called blocks.” These blocks “are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
What is the main purpose of blockchain
The purpose of the blockchain is to share information amongst all parties that access it via an application. Access to this ledger for reading and writing may be unrestricted ('permissionless'), or restricted ('permissioned').
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