Chapter 2. Overview of Blockchain Technology and Introduction to BaaS
Blockchain is a type of DLT where blocks of data are permanently linked to one another. As mentioned in Chapter 1, it’s the underlying technology to cryptocurrency, a peer-to-peer system in which assets are represented with electronic tokens. Blockchain technology is used to compute the value of tokens, as well as to store, track, and exchange them.
Blockchain is a great platform for cryptocurrency because it does not require a central authority in order to operate in a peer-to-peer manner. But blockchain can also be used for countless other projects in which a verifiable, distributed workflow is needed.
Blockchain in Action
You may have heard about Walmart using blockchain to improve the traceability of mangoes. Whenever a foodborne illness is discovered, Walmart must quickly identify and isolate the products that need to be destroyed, without impacting (and wasting) unaffected products. With IBM’s help in developing a blockchain supply-chain network, Walmart reduced the time needed to trace a mango from 7 days to 2.2 seconds. It also ran a similar pilot with pork products in China. These two successful pilots led to an expansion of the network to all Walmart food suppliers and some competitors. The resulting blockchain supply-chain network is called the IBM Food Trust.
In another application, Oracle is working with the World Bee Project to use blockchain across the supply chain to record the DNA signature ...
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