Blockchain technology meaning in english
In China, a number of counterfeit food and false certification scandals have hit consumer confidence in the products they buy from their supermarkets hard. As Chinese consumers slowly but surely opt for organic and healthier food, finding a solution to guarantee greater food safety has become a major issue for manufacturers and distributors. This is the backdrop against which Alibaba began looking into Blockchain. The group started integrating this solution back in to track the origin of food, via its Hema supermarkets and its Yiguo fresh produce e-commerce platform. So Blo c kchain has real potential to guarantee consumers reliable and unalterable traceability , and solve the health and safety issues businesses in this field are facing. This gives them access to the following information:.
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Blockchain
When you think about blockchains, probably the first thing that comes to mind is Bitcoin or cryptos. But actually, the technology is extremely versatile and has potential far beyond cryptocurrencies. Blockchains have become popular over the past few years because they allow us to secure and verify all kinds of data in a decentralised network that cannot be altered.
The idea has its roots as far back as , when two computer scientists, Stuart Haber and Scott Stornetta, proposed a system to protect timestamps on documents from being interfered with. Satoshi Nakamoto, the anonymous Bitcoin inventor, then built on this system and referenced the two scientists in his Bitcoin whitepaper.
Put simply, a blockchain is a database in the form of a distributed ledger that uses cryptography to secure any kind of information. Each block contains a timestamp, data, and a hash. This is a unique identifier for all the contents of the block, sort of like a digital fingerprint.
Crucially, once data has been recorded and verified in a block, it cannot be altered. Instead, if a change has to be made, this is recorded and verified in a new block which is then added to the chain. Each new block reinforces the verification of the previous block and hence the entire blockchain. The block also contains the hash of the previous block in the chain. These are the backbone of a public blockchain. A cryptographic hash function is basically a mathematical algorithm that maps data of arbitrary length to an output of fixed length.
So, if you want to represent, for example, a list of names of varying lengths, a hash function would output each of these names the data into a unique string of numbers of a fixed length. This string of numbers is known as the hash.
Hashing is considered a function that only works one-way. The fastest way to guess the data that produces a given hash is simply to guess and check, over and over again. In the Bitcoin blockchain, which uses a proof of work consensus mechanism, computers in the network join in this elaborate guessing game hoping to solve the puzzle first. The computer with higher computational power - meaning the capability to run through more guesses faster - is more likely to win the race and therefore verify the block for the reward of Bitcoin.
A public blockchain like Bitcoin, allows anyone to join the network and access the distributed ledger. A private blockchain is a closed network. It still uses some decentralisation and a peer to peer system, but overall this kind is controlled by a single entity and access is restricted to a defined network. A hybrid blockchain is a combination of a public and private blockchain.
This kind of blockchain allows an entity to distribute a ledger with some publicly accessible data but also restrict access to more sensitive data within the network. A consortium blockchain has similarities with a private blockchain only. This type of ledger is controlled by multiple entities rather than a single one. This content is not available in your region. Explained: What are Bitcoin, blockchain and the cryptos shaking up the world of finance?
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blockchain
Blockchain creates trust and transparency regarding data and can be used in an array of compelling applications. BCG experts help organizations identify—and seize—the potential. Blockchain is a potent and versatile emerging technology that is only starting to live up to its billing. Best known for its use in cryptocurrency, blockchain—a distributed database that fosters trust and lowers transaction costs—has the potential to change how organizations operate. Already, the technology is used in a variety of business- and public-sector applications, such as tracking and tracing items in supply chains, automating customs clearances, and facilitating financial transactions. And many more applications await development. The challenge for organizations is threefold: understanding the technology, determining how blockchain can be molded to create value , and developing an approach that captures value early on, in order to fund the journey.
Blockchain Technology
Blockchain is one type of a distributed ledger. Distributed ledgers use independent computers referred to as nodes to record, share and synchronize transactions in their respective electronic ledgers instead of keeping data centralized as in a traditional ledger. Blockchain organizes data into blocks, which are chained together in an append only mode. Distributed ledger technology DLT could fundamentally change the financial sector, making it more efficient, resilient and reliable. Understanding Poverty Topics Financial Sector brief. Email Print. Tweet Share Share LinkedIn.
English-German translation for "blockchain technology"
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Blockchain technology is set to disrupt financial services, but also has potential for significant value. Facing mounting pressure from a confluence of factors, including increased competition KPMG helping to bring blockchain to fund trading in Sweden. KPMG supporting the development of a blockchain-based platform for the trading of mutual funds in Sweden. KPMG in Singapore works with Singapore Airlines and Microsoft to develop the first airline loyalty program based on blockchain technology. Blockchain offers the potential to provide faster and more secure transactions, streamline and automate back-office operations, and reduce costs by leveraging cloud-based technologies.
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The Law stems from bill of law no. The list of entities empowered to act as account keeper for unlisted debt securities has also been expanded. This amendment served to clarify that account-keeping institutions such as banks could provide securities accounts with distributed ledger technology. It also introduced a number of related items, including confirmation that successive registrations of securities using distributed ledger technology have the same effects as transfers between securities accounts e. When issuing dematerialised securities, a record must be kept of the number and type of securities issued. Issuance accounts allow the central account keeper or liquidation organism to verify that the number of securities in circulation in securities accounts does not exceed the total number issued. An issuance account is not a securities account; it is simply a record kept for the purposes of the aforementioned reconciliation checks. Central account keepers and liquidation organisms responsible for performing these checks are now expressly permitted to keep such records using distributed ledger technology.
Blockchain technology has moved past the hype — and hysteria — of cryptocurrencies and become a technology adopted by industry and governments as a solution for securing and streamlining processes across a variety of sectors. China has been a developer and rapid adopter of blockchain, particularly in areas such as finance, medicine, energy, and supply chains. Emerging technologies such as blockchain, a subset of distributed ledger technology, are not limited to a single region or use case. In pursuit of global competitiveness, China is a significant player in testing blockchain technology as well as implementing legal frameworks, regulations, and government initiatives around it.
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Blockchain is a decentralized transaction and data management technology developed first for Bitcoin cryptocurrency. The interest in Blockchain technology has been increasing since the idea was coined in The reason for the interest in Blockchain is its central attributes that provide security, anonymity and data integrity without any third party organization in control of the transactions, and therefore it creates interesting research areas, especially from the perspective of technical challenges and limitations. In this research, we have conducted a systematic mapping study with the goal of collecting all relevant research on Blockchain technology. Our objective is to understand the current research topics, challenges and future directions regarding Blockchain technology from the technical perspective.
Financial Innovation volume 5 , Article number: 27 Cite this article. Metrics details. Blockchain is considered by many to be a disruptive core technology. Although many researchers have realized the importance of blockchain, the research of blockchain is still in its infancy.
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