In its simplest definition, blockchain is a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data are secured and bound to each other using cryptographic principles. What makes it so unique is that it has no central authority — it is the very definition of a democratized system. This topic came to us from Open Access Government in their article, “Blockchain and retail: A potential industry revolution.”
Blockchain is a new kind of open access, since it is a shared and immutable ledger. The information in it is open for anyone and everyone to see. Anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.
Blockchain automatically produces digital records of transactions. In turn, it can speed up returns and refunds operations. The retail sector seems to be benefiting from this as a slight profit increase was reported in the last quarter of 2018, in contrast to the prior year.
The blockchain gives internet users the ability to create value and authenticates digital information. There are certain to be new business applications resulting from this technology.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.