Understanding Properties and Value of Blockchain 101

Understanding Properties of Blockchain

  • Firstly, Immutability – data stored on the ledger is virtually impossible to tamper.
  • Transparent – blockchains allow anyone with access rights to scrutinize the data.
  • Auditable – every transaction in a blockchain can be traced. 
  • Fast settlement – no longer do you have to wait 3-5 days with weekends shutdown.
  • Low Cost – previous overhead removed.
  • More than Crypto currency altcoins – smart contracts, chain of custody, and supply chain data such as temperature recording.

In 80 seconds, Sunny Lu the CEO of VeChain (VET), explains blockchain meaning in a video below. As a matter of fact, VeChain (VET coin) and VTHO token are two of the leading supply chain altcoin cryptocurrencies.

Understanding Blockchain

To understand the blockchain meaning. A blockchain is a growing list of records, called blocks, that are linked together using cryptography.[1][2][3][4] Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. Blocks form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

In conclusion, block-chain powered supply chain management platforms, when implemented correctly, can enable increased efficiency, traceability, transparency, trust, and payment processing amongst partners that can provide a competitive advantage for the organization.

To gain a better grasp, consider becoming a Certified Blockchain & Supply Chain Professional (Blockchain Council)

Understanding Value of Blockchain 

For the customers and the companies, the value of blockchain are being realized by supply chains today. For example:

As Gartner’s 2019 Hype Cycle Shows Most Blockchain Technologies Are Still Five to 10 Years Away From Transformational Impact. Is this is just the beginning for VeChain? Of course I think so.

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