Is BlockChain the New Golden Bullet in Commodities Technology?

Blockchain is the technology behind Bitcoin. In essence, Blockchain is a digital ledger that it is a permanent, tamper-proof, record of transactions. According to an article by GovTech Singapore, it works as follows, To become part of the permanent record, blocks must be linked to a chain, which gives them identity and a linear order — we’ll always know which transactions occurred earlier, and which occurred later. Before a block can be added to the chain, its contents must be validated. This process involves complex mathematics, but one can think of it as multiple witnesses independently testifying that the new transaction indeed occurred. Once validated, the new block is sealed off and added to the chain. If a transaction is found to be false, the new block is rejected. And if the contents of a previous block are tampered with, the whole chain is broken, thus alerting everyone to the interference. Plainly, a number of technology companies are now looking at Blockchain and how it can be used in the commodities world for issues like traceability, ownership security and other secure transactions. One example of that is the Commodity Blockchain Consortium launched by Kynetix in late 2015. The Consortium is
Continue reading
Is BlockChain the New Golden Bullet in Commodities Technology?. This article appeared first on CTRM Center.