NEWS: Is Blockchain Based Authentication the Future of Serialization?30-08-2017
What is Blockchain? In essence, it is a tool for maintaining transparent and distributed ledgers that can verify transactions (including financial ones) with minimal third party involvement. These ledgers are not held in a central location but rather spread across a network of computers. And it is transparent in the sense that every transaction is made public for all to see.
It’s claim to fame is that it solves the problem of trust. If Person A wants to send money (or goods) to Person B, how do we know that Person A has the necessary funds? Usually, we would need a third party, say a bank, to verify the exchange. But the advantage of blockchain is that it stores an indelible ledger of all previous transactions in a string of ‘blocks’, meaning we know who owns what and who can send what to whom.
Silicon Valley investor Marc Andreessen calls it “one of the most fundamental inventions in the history of computer science”, while the World Economic Forum’s Klaus Schwab describes it as “being at the heart of the fourth industrial revolution.” In 2016 almost half a billion dollars was invested in VC-backed Blockchain companies.
Bitcoin is the most popular application of Blockchain to date and by last year it has gone from an outlandish concept to a well-established currency. Microsoft, Expedia, Home Depot, Dell and several leading brands now accept payments in Bitcoin. Yet Blockchain’s potential extends well beyond digital currencies. In the book, The Blockchain Revolution, Don and Alex Tapscott argue that Blockchain technology will disrupt every industry where trust and transactions are central, just as the Internet upended industries based on communication and information flows.
For supply chain industries Blockchain technology offers many benefits over regular database technologies, as it regulates duplication at the highest possible level, while allowing multi-party sharing of the sensitive serialization information. Our AIPIA Congress presentation by Chain Bechor VP of product development at BrandGuard will discuss the practical implications of such systems and will present a working sample of an implementation.