Industry experts share their knowledge about digital transformation technologies that support the transformation of manufacturing.
Blockchain
A blockchain is a digital ledger hosted by a decentralized peer-to-peer (P2P) network that stores a digital record of transactions as discrete "blocks" that are cryptographically linked together as a "chain" of information.
Because the blockchain exists on a decentralized P2P network, the typical risks that come with storing data in a central location (like a server or data center) do not apply; there are no singular points of failure that an outside actor can exploit. When a new ‘block’ is added to the blockchain, it is linked to the previous block, ensuring the chain is never broken and that each block is permanently recorded. Any changes can only be applied with the consensus of all participants in the network. Together, all of these attributes make blockchains extremely secure and accurate repositories of data.
Although blockchains are relatively new technology, they are anticipated to streamline and accelerate business processes, increase cybersecurity, and reduce or eliminate the need for third-party verification across multiple industries within the next few years. With blockchain, manufacturers can create trusted networks that improve supply chains, better protect intellectual property and work with advanced technologies like 3D printing, microgrids and autonomous vehicles.
A blockchain is a database that stores information as across a P2P network instead of a central location.
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