What is blockchain and how does it work?
A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in a single list, called a chain. Blockchains are used for recording digital transactions. Each transaction added to the blockchain is validated by multiple peers in a peer-to-peer network. They work together to ensure each transaction is valid before it’s added to the blockchain. This decentralized network ensures a single system cannot add invalid transactions or blocks to the chain.
When a new block is added to a blockchain, it’s linked to the previous block using a cryptographic hash generated from the contents of the previous block. This ensures the chain never breaks and that each block is permanently recorded. It is also almost impossible to alter past transactions in blockchain since all the subsequent blocks must be altered first.
What can you do with blockchain?
This new way of record-keeping has fundamentally changed the way society can exchange value and interact. Due to its setup, blockchain can tackle a fundamental problem in any human interaction: trust. It shifts trust in individuals or organizations towards trust in technology. As a result, individuals and organizations can exchange value without necessarily needing to trust or even know each other, allowing seamless collaboration. Let us give you some examples.
You can trace materials and goods throughout an entire supply chain, certifying the origin or its production process to downstream companies.
You can track a product’s cumulative carbon footprint throughout its entire supply chain, without companies needing to share sensitive data.
You can create a digital twin of certain physical equipment and use sensors to monitor its health or status, allowing multiple stakeholders to easily collaborate.
Our mission is to bring blockchain and similar distributed technology into our everyday lives. We work with industry leaders on shaping digital ecosystems to solve complex multi-stakeholder problems. These ecosystems consist of many individuals and organizations that share a common digital platform on which they collaborate or exchange value with each other.
We are specialized in shaping these ecosystems and the digital blockchain based platforms they need in order to flourish.
Check out our services
These might be of interest too