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Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – Blockchain B2B Is Starting to Turn the Corner
- Altogether, the elements combine to make blockchain “immutable,” a permanent record of transaction
Each element is as follows: - Consensus: it requires the majority of the block builders to agree that the occurrence happened
- Consistency: it requires that the new information fits with the previous block
- Transaction: it requires that the transaction occurred by looking at the previous block, ensuring that two people did not record conflicting accounts
- Automated Conflict Identifiers: the software itself trolls for conflicts within the blocks and structure
About the report
The scale remains small, but blockchain technology is moving beyond pilots into the next phase. Financial institutions have invested much in the applicable corporate solutions, and real solutions will start to bear fruit in the near future.