Blockchain

(OBJ 1.4)

Shared immutable ledger for transactions and asset tracking
Builds trust and transparency
Widely associated with cryptocurrencies like Bitcoin
Is essentially a really long series of information with each block containing information in it
- Each block has the hash for the block before it
  - Timestamp tells the last time this block was modified
  - We also have root transactions, under there we have hashes for each of the different transactions that have occurred
  - A transmission route is created by combining hash one and hash two, then with hash 3 and so on.
  - Millions and millions of blocks inside of this blockchain.
Block Structure
- Chain of blocks, each containing
  - Previous block's hash
  - Timestamp
  - Root transactions (hashes of individual transactions)
- Blocks are linked together in a chronological order
Public Ledger
- Secure and anonymous record-keeping system
- Maintains participants' identities in a secure and anonymous format
- Tracks cryptocurrency balances
- Records all genuine transactions in a network

Smart Contracts
- Self-executing contracts where the terms of agreement or conditions are written directly into lines of code
- Execute actions automatically when conditions are met
- Transparent, tamper-proof, and trust-enhancing
- The decentralized and transparent nature of the blockchain ensures that once a smart contract is deployed, it cannot be altered, making the agreement tamper-proof and trustworth
  - There is a clear indisputable record of all the transactions that reinforces the concept of trust inside of our digital dealings
Commercial Uses
- Companies like IBM promote blockchain for commercial purposes
- Permissioned blockchain used for business transactions
- Enhances trust and transparency with immutable public ledger
  - Meaning that we know everything about that particular piece of information that's being stored inside of this blockchain. Now, one of the places where we're going to try to use blockchains is in the supply chain.
Supply Chain Management
- Transparency and traceability in the supply chain
- Immutable records of product origin, handling, and distribution
- Ensures compliance and quality control
- You will know all the information you need about that product to make sure the procedures were adequately followed
Blockchain technology is not limited to just the financial sector or cryptocurrencies; its applications and potential span a wide array of industries

Versatility
- Beyond finance and cryptocurrencies
- Applications across various industries
- Promises transparency, efficiency, and trust
Decentralization
- Key feature of blockchain
- Eliminates need for central authorities
- Empowers peer-to-peer networks
Immutable Ledger
- Ensures data integrity
- Records cannot be altered or deleted
- Reinforces trust in transactions and information
Digital Evolution
- Blockchain's impact on technology and industries
- Potential to reshape traditional systems
- Offers transparency, efficiency, and trust in the digital era