How can blockchain power industrial manufacturing?

Posted by  Thought Leadership
January 11, 2020

Few recent technological developments have created more buzz than blockchain. Perhaps even fewer are less understood.

A blockchain is a distributed ledger of transactions—rather than being kept in a single, centralized location, it’s held by all the users in a network. In general, all these users, also known as network nodes, have copies of the same ledger. Transactions on a blockchain don’t have to be financial—they simply represent a change in state for whichever data point the blockchain’s stakeholders want to track.

Blockchains are driven by consensus. When a user initiates a transaction, its details are broadcast to the entire network, checked by other users and accepted if there is consensus. Once a transaction has been validated, it’s bundled with other transactions into a block of data.

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