A Cloud-Based Solution
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
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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.