Blockchain Technology

By Er. Pranshu Katiyar (Software Engineer) -

Blockchain Definition:

Ø  A blockchain is a digitized, distributed, consensus-based secure storage of information protected from revision and tampering over the peer-to-peer network.

Ø  Most often used in association with cryptocurrencies like BitCoin, blockchain is a digital, distributed, public-ledger technology designed to record transactions in a secure, tamper-proof, yet publicly accessible way that resists tampering or modification.

Ø  Blockchain was first introduced in the white paper for Bitcoin in 2009 by unknown person named as Satoshi Nakamoto. Currently, blockchain is used by multiple organizations to tackle their problems and provide a better solution.

What exactly is Blockchain:

The blockchain is general terms is defined in following manner:

  •  A technology that permits transactions to be recorded permanently.
  •   A technology that removes intermediaries and create trust through the algorithm.
  • A technology that cryptographically secure the system and chains data in chronological order.

Why Blockchain is important:

Business runs on information. The faster it’s received and the more accurate it is, the better. 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.

Key elements of a Blockchain:



Current Banking System:

Problems with current system:

  •  Account Hacking
  •   Internet Frauds
  •   High Transaction Costs
  •   High Transaction Time due to intermediaries
  •   Dependency on Banks

Blockchain Banking System:


How Blockchain solves the current problem:

  • Security through Cryptography
  • Availability through multiple machines
  • Low transaction costs
  • Remove of central parties and intermediaries

How Blockchain Works:

  • Let's imagine that five people in one room decided to make their currency. They need to know the flow of the funds. They appointed one person to track the flow of funds for our example Bill is tracking the flow of funds.
  • After some time, Bill decided to cheat the system by changing entries in notebook, so the group decided to share the notebook with everyone.
  • Now, to forge transactions, Bill would need to change all the notebooks.
  • Sometime after, the group realized that there were too many transaction records and that he couldn’t keep the diary like this forever. After reaching 10,000 transactions, they converted them to a one-page spreadsheet. Andy checked that all transactions are right.
  • The group spread his spreadsheet diary over 10,000 computers located globally.
  • These computers are called nodes. Every time a new transaction occurs, it must be validated by the nodes.
  • Once every node has received/checked a transaction there is a sort of electronic vote, as some nodes may think the transaction is valid and others believe it is a fraud.
  • Now, if Bill changes one entry, all the other computers will have the original entries. They would not allow fraud entries to occur.
  • The whole chain of blocks is collectively called as Blockchain. Every node holds a copy of the Blockchain. Once a block reaches a certain number of approved transactions, then a new block is formed.
  • The Bitcoin Blockchain updates itself every ten minutes.
  • As soon as the spreadsheet or ledger or registry is updated, it can no longer be changed. Thus, it’s impossible to forge it.

Potential Benefits of Blockchain for Supply Chain Management:

  • Increase traceability of shipments within the supply chain.
  • Lower losses from fraud and theft.
  • Prevent counterfeit goods from entering the supply chain.
  • Improve monitoring of conditions in outsourced manufacturing locations.
  • Reduce administrative and governmental paperwork and bureaucratic delay.
  • Blockchain will enable Supply Chain Managers to control the inputs to their supply chain to a much greater degree than they are able to do so today, and at a much lower cost in terms of effort, time, and money.

Vendors Implementing Blockchain:

  • While blockchain technology is still closely associated with cryptocurrencies, it is starting to be applied in a wider context as a public ledger.
  • Investment in blockchain technology has increased dramatically in the last year and the trend does not appear to be slowing down.
  • Many companies are furiously working towards adopting its use in SCM, including Provenance, Fluent, SKUChain, and Blockverify.

Types of Blockchain Networks:

  • Public blockchain networks: A public blockchain is one that anyone can join and participate in, such as Bitcoin. Drawbacks might include substantial computational power required, little or no privacy for transactions, and weak security. These are important considerations for enterprise use cases of blockchain.
  • Private blockchain networks: A private blockchain network, like a public blockchain network, is a decentralized peer-to-peer network. However, one organization governs the network, controlling who is allowed to participate, execute a consensus protocol, and maintain the shared ledger. Depending on the use case, this can significantly boost trust and confidence between participants. A private blockchain can be run behind a corporate firewall and even be hosted on premises.
  • Permissioned blockchain networks: Businesses who set up a private blockchain will generally set up a permissioned blockchain network. It is important to note that public blockchain networks can also be permissioned. This places restrictions on who is allowed to participate in the network and in what transactions. Participants need to obtain an invitation or permission to join.
  • Consortium blockchains: Multiple organizations can share the responsibilities of maintaining a blockchain. These pre-selected organizations determine who may submit transactions or access the data. A consortium blockchain is ideal for business when all participants need to be permissioned and have a shared responsibility for the blockchain.

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