This week's discussion centers around the concept of Blockchain. There is still much confusion regarding what Blockchain is and what it is not. Please discuss your explanation of Blockchain to inclu

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Block Chain: Blockchain is a technology used to store transaction information in form of blocks. Each block does cryptographic hash of the previous block- this is act like a link between blocks, a time stamp and transaction data. Block chain is also called record keeping technology/digital ledger in distributed database, once block is added to chain, no one allowed to tamper / change information on block.

Block chain technology has applications in various industries. Like in Health care it is used to store patient information like what are the treatments they go through whole process, storing property information patents, voting systems, retail industries and in storing car information to reduce odometer fraud.

Block chain technology is popular in these days in various industries. For example, sometimes retail store receives the damaged products. It is extremely hard to confirm where the product got damaged during the process of distribution to the store. Blockchain helps in creating distributed ledger From and to details clearly like from where product created to where it is received and the product status. Once block is created and added to block chain no one can able to modifies it. Blockchain helps for retailer to identify where product got damaged. By using blockchain information, retailer will careful with products that came from manufacturer.

Blockchain technology is popular because of three main properties. They are decentralization, transparency, immutability. Decentralization, it helps in storing data in distributed way and not storing at single point of entity. Transactions are transparent while hiding the identity of the user. Immutability, in the context of blockchain, once you added to the block, we cannot able to tamper the data in the block.

References:

NATHAN REIFF (2020), Blockchain Explained , Retrieved from: https://www.investopedia.com/terms/b/blockchain.asp

Brigid McDermott, Kaushik Malladi, Kevin Abele, Jake Harkins (2017), Tomorrow’s Value Chain https://www.ibm.com/downloads/cas/Q2RY9RN6

Blockchain is a computerized method of accumulating different data types where data is organized into various blocks distributed within a network (Salviotti et al, 2019). It is also defined as an encrypted database or ledger which records different transactions and contracts which need to be recorded independently. The ledger can be accessed through numerous computers within the network. Blockchain technology has already started revolutionizing different sectors such as the financial sector. It is the power behind bitcoin currency which allows participants to exchange currency directly or perform other financial transactions online without third party interference. However, its application goes beyond cryptocurrencies and virtual money (Hileman, 2018).

Blockchain popularity is rising in other sectors such as healthcare, supply chain management, retail, hospitality and travel (Rosic, 2017). In healthcare, this technology helps address different interoperability challenges related to information sharing and safety. It facilitates access of information by authorized persons only making treatment and provision of healthcare services seamless. In most government offices, data is stored in siloes. However, this technology facilitates sharing and linking of data leading to improved data management. It also increases transparency and enables monitoring of transactions. In the retail sector, the technology is used to streamline operations in supply chain, issuing and managing virtual warranties, and detecting as well as preventing fraudulent activities. Blockchain transactions are secure and with minimal possibility of cyberattacks since the data is stored in different copies within the database. This technology has numerous benefits such as: automation of transactions increases efficiency; reduced costs since the transactions are direct; reduced risks associated with cyberattacks and fraud; increased transparency since transactions can be tracked; and the cryptographic protocols increase the security of the technology. Some of the major hurdles associated with the technology are lack of a proper understanding and awareness of how it functions. Further, regulations associated with data sharing, security and privacy are a major challenge in the implementation of blockchain technologies.

References

Hileman, G. (2018). Chatham House Primer: Blockchain. Retrieved from https://www.chathamhouse.org/event/chatham-house-primer-blockchain?gclid=CjwKCAjwxev3BRBBEiwAiB_PWK2plUhJOtmn8DEBVlbCm9j0UAZFnCIYw1K0CQWy1SZeV5gJOexFRRoCF5MQAvD_BwE

Rosic, A. (2017). 17 Blockchain Applications That Are Transforming Society. Retrieved from https://blockgeeks.com/guides/blockchain-applications/

Salviotti, G., De Rossi, L. M., & Abbatemarco, N. (2019). The Blockchain Journey: A guide to practical business applications. EGEA spa.