A database or a ledger that maintains a continuously growing list of data records or transactions.
It is the technology behind digital cryptocurrency because of which there is a strong association with Bitcoin.
“The Mahindra Group is pioneering the use of blockchain to disrupt its traditional businesses and drive future growth. We are one of the leaders in the tech today and we want to continue to establish ourselves as the leader”.
GROUP PRESIDENT (STRATEGY)
Decoding Blockchain Technology
A hacker would have to gain control of more than 51% of nodes to allow wrong transactions
New block is ‘chained’ to the previous one using a cryptographic signature
Entire process is consensus based and there needs to be a majority of nodes to allow transaction
Leads to creation of noneditable record of transactions, which are shared across the business network
Business terms embedded in transaction database & executed automatically
All parties agree to network verified transaction
appropriate visibility; transactions are secure, authenticated & verifiable
APPLICATIONS FOR BLOCKCHAIN ACROSS THE GROUP