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What is BaaS?
Known as a 'digital ledger system', a blockchain contains the database that is stored in blocks. The data is stored, spread, and kept by nodes (servers or computers). These blocks contain information that is chronologically linked with each other which is why it is called a blockchain, a chain of blocks. The most common use of blockchain is as the ledger for transactions. If there are changes that need to be made in the chain, a new block is added. Blockchain uses a decentralised system and is distributed across large networks. Network partners can deal privately and securely with one another using blockchain without the need for a central intermediary or third party. With blockchain, there is no need for partners to trust the third parties since transactional security is achieved via reliable computation. That is why it is called a 'trustless network'.
The Advantages of Blockchain
Blockchain can reduce data tempering. It can keep away a hacker or a malicious user from changes, deleting, or accessing data in the blocks. This is possible as blockchain creates a record that cannot be altered and is encrypted end-to-end.
Blockchain keeps a complete history of past transactions within the network and the network partners can track information and data available on that network. Blockchain relies on consensus protocols across a network of nodes to verify transactions performed on the network.
No third-party involvement able to cut out the money and time. Examples of middlemen are banks and lawyers in charge of viewing records and keeping them confidential.
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Blockchain gives all parties in a supply chain access to the same information, potentially reducing communication or data transfer errors. Less time can be spent validating data and more time can be spent delivering goods and services—improving quality, lowering costs, or both.