About blockchain
Briefly:
Blockchain can be viewed as a special type of database: a transaction is executed by multiple participants simultaneously, and the entire history of changes is recorded in a decentralized distributed ledger and cannot be tampered with.
Our company has developed a platform for creating private blockchains – BLOCK-P.
In detail:
Blockchain technology is a method of organizing data storage in the form of a continuous sequential chain of blocks containing information, where the information in each block depends on the information in all previous blocks, which makes it impossible to alter the history without changing all subsequent blocks.
A decentralized database based on blockchain technology is a data storage system with the following key characteristics:
- Distribution – the system components are located in various nodes of a computer network;
- Decentralization – it does not have a single point of failure or decision-making;
- Immutability – blockchain stores all transactions as a chain of blocks, and the integrity and correctness of the chain is ensured mathematically.
A blockchain solution is a software solution that uses decentralized databases based on blockchain technology to solve business process automation tasks and enhance trust between system users (or users and observers). The use of such databases allows for:
- Increased automation efficiency, reduced need for control, and optimized number of participants and intermediaries in business processes;
- Giving users and observers control over both public and private information. If the information has been recorded in this database, it cannot be distorted or deleted without detection.
A blockchain solution based on private blockchain technology is a blockchain solution whose full users are only a limited circle of individuals/organizations.
Principles of blockchain technology
Distribution
Openness
Security and Confidentiality
Advantages of using blockchain solutions
Information authenticity
Transparency of operations
Use cases
Blockchain technology is used to solve various business problems – from smart contracts to voting. Most use cases can be divided into two categories: asset management and supply chain management.
Asset management
Asset management predominantly refers to verifying key information about assets in a single registry. A registry is a list of official data, usually containing specific information that allows individual assets to be identified: general data about legal entities, systems for accounting for real estate objects and rights, pharmaceutical industry registries, and others.
For example, it is necessary to ensure the storage of the history of issued diplomas with verification of their authenticity. Blockchain not only stores the history but also guarantees that this history has not been altered at any point in time, ensuring the recorded information's authenticity.
Supply chain management
The supply chain system involves not only manufacturers and suppliers but also delivery services, assembly services, and other participants following different schemes. To increase efficiency and transparency of operations, various blockchain solutions exist.
For example, a company produces exclusive products (watches, wine, smartphones) and needs to prove the authenticity of the product to the customer. To solve this problem, the model of the watch can be “linked” to a token on the blockchain, and a QR code can be printed on the packaging. Every transfer of the watch – from the factory to the carrier, then to the store and the customer – is confirmed by a blockchain transaction. This way, the customer can trace the "path" of the watch from the factory and be assured of its authenticity.