BLOCKCHAIN TERMINOLOGY

Blockchain is at a critical point in mass adoption, we believe that a blocker to successful blockchain implementation is confusion in emerging technology solutions for non-technology natives.  Our passion is education and helping to bridge the gap between business and technology specialists. We want to help you and your teams unlock innovation by removing confusion

Actors

  Actors allow the blockchain system to securely recognise permissioned individuals to view and/or modify a blockchain. Actors are equivalent to a group of users within a company or consortium

Asset

  An asset is recorded on a blockchain that translates to value in a virtual world. Assets have some form of ownership and value. Assets in a supply chain can be anything from precious metals and minerals to food stuffs

Nodes

  Nodes are a critical component of a blockchain. Nodes verify, save and transmit the transaction history. The more nodes running the network the higher resilience, for example, power outages which can take down centralised services as the nodes act as mini-servers across multiple devices

Decentralised database

   A decentralised database that is open source and has its data stored on a blockchain distributed ledger. The blockchain can be public or permissionless with a cryptographic security protocol. This technology architecture lays the foundation for decentralised applications (Dapps) to be built. Data transparency and trust between businesses and consumers is strengthened using blockchain technology 

Distributed Ledger

   A ledger serves as the record of events around an asset, a distributed ledger on a blockchain is a global network of synchronised asset records that cannot be altered. A business blockchain can be built on a permissioned network, executable using smart contracts, this means only actors with privileges can view the asset record.  Once an asset is modified on a blockchain network that block cannot be altered without consent of the actors in the system  

Smart Contract

 At it's simplest a smart contract is an automated computer protocol where users can view, validate, accept or deny changes to assets. This is a programmable set of rules that,dependent on the security protocol, can alter an asset, what changes they can perform and under what circumstances. From an implementation standpoint, smart contracts can help businesses automate daily operational transactions and processes