Blockchainย is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Anย assetย can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.

Blockchain Elements

Distributed ledger technology

All network participants have access to the distributed ledger and its immutable record of transactions. With this shared ledger, transactions are recorded only once, eliminating the duplication of effort thatโ€™s typical of traditional business networks.

Immutable records

No participant can change or tamper with a transaction after itโ€™s been recorded to the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible.

Smart contracts

To speed transactions, a set of rules โ€” called a smart contract is stored on the blockchain and executed automatically. A smart contract can define conditions for corporate bond transfers, including terms for travel insurance to be paid and much more.

Blockchain Flow

As each transaction occurs, it is recorded as a โ€œblockโ€ of data

Those transactions show the movement of an asset that can be tangible (a product) or intangible (intellectual). The data block can record the information of your choice: who, what, when, where, how much and even the condition โ€” such as the temperature of a food shipment.

Each block is connected to the ones before and after it

These blocks form a chain of data as an asset moves from place to place or ownership changes hands. The blocks confirm the exact time and sequence of transactions, and the blocks link securely together to prevent any block from being altered or a block being inserted between two existing blocks.

Transactions are blocked together in an irreversible chain: a blockchain

Each additional block strengthens the verification of the previous block and hence the entire blockchain. This renders the blockchain tamper-evident, delivering the key strength of immutability. This removes the possibility of tampering by a malicious actor โ€” and builds a ledger of transactions you and other network members can trust.

Blockchain Benefits

Greater trust

With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data, and that your confidential blockchain records will be shared only with network members to whom you have specifically granted access

Greater security

Consensus on data accuracy is required from all network members, and all validated transactions are immutable because they are recorded permanently. No one, not even a system administrator, can delete a transaction.

More efficiencies

With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated. And to speed transactions, a set of rules โ€” called a smart contract โ€” can be stored on the blockchain and executed automatically.

Stanley Ng (Stan) ้ป„ๅฎๆ˜Ž

Stan is a trainer, consultant, and coach for the past 15 years and has personally trained, consulted, and coached over 5,000 professionals from 45 fortune 500 companies. Stan is currently an active VMware Certified Instructor and Google Cloud Authorised Trainer delivering authorised IT trainings.ย Started his career as an IT engineer in 2005. By 2007, he led a team of 27 professionals from 5 countries managing large projects of over 10,000 users. From 2008 onwards, he started delivering training for fortune 500 companies.ย 

  • WSQ Advanced Certificate in Training & Assessment (ACTA)
  • VMware Certified Instructor (VCI)
  • VMware Certified Professional Data Center Virtualization (VCP-DCV)
  • VMware Certified Professional Cloud Management Automation (VCP-CMA)
  • VMware Certified Professional Network Virtualization (VCP-NV)
  • VMware Certified Professional Digital Workspace (VCP-DW)
  • EC-Council Certified Instructor (CEI)
  • EC-Council Certified Ethical Hacker (CEH)
  • Microsoft Certified Technology Specialist (MCTS) Hyper V
  • Certified Commvault Instructor (CCI)
  • CompTIA Certified Cloud+ & Mobility+
  • Cisco Certified Network Associate (CCNA)
  • Juniper Network Certified Instructor (JNCI)
  • CompTIA Certified Instructor
  • Symantec Certified Instructor
  • Google Cloud Authorised Trainer
  • AWS Certified Cloud Practitioner
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