How it works: Blockchain
As we evolve into the digital age, recording transactions has become much more complex; whether it’s the exchange of money between two parties, documenting how goods move through a supply chain, or making contractual agreements.
The growth of global commerce and trade has created a network of disparate ledger systems, vulnerable to errors, fraud, and misinterpretation.
This is where blockchain can help. It has the potential to eliminate vulnerabilities with transparent transactions.
Blockchain offers all parties involved in a business network a secure and synchronised record of transactions. The blockchain ledger records every sequence of transactions from beginning to end, whether its hundreds of steps in a supply chain or a single online payment.
As each transaction occurs it is put into a block. Each block is connected to the one before and after it. Groups of transactions are blocked together and a fingerprint of each block is added to the next, thus creating an irreversible chain so you can trace the transaction path with exceptional security and transparency.
Watch the video now to learn more about how blockchain works, and get started with IBM blockchain with a free 6-month trial.