BUS Blockchain Technology

“The technology’s decentralized approach allows for any number of equal partners to use the information stored in the network as a digital single source of truth – there was a strong appeal to that vision. To some, this promised to become the actual digital revolution everyone had been waiting for. Obviously, the technology couldn’t satisfy such inflated expectations.” 

A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers.  

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain). 

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

“It’s such an effort for companies to connect their own systems to each other and exchange and harmonize always the same data”

Lesson Two 

“We saw that more and more businesses were looking seriously at blockchain and gaining a better understanding of the technology in 2019”