Here are some answers to commonly asked questions about blockchain technology.

Why is everyone so interested in blockchain?

According to a forecast of the World Economic Forum, by 2025, over 10% of the world’s GDP will be generated by activities that use blockchain technology.

Blockchain reimagines many of the world’s most fundamental business interactions, opening up new methods of digital interaction. This technology has the potential to vastly reduce the cost and complexity of operating businesses.

What is 'the blockchain'?

Blockchain is an emerging technology considered by many to be revolutionary.

At its core, the blockchain is a digital database (or ledger) of shared information between different parts that ensures both transparency and security.

If we had to summarise it in 5 seconds, the technology is essentially a coding technique that allows for verification of any transaction between two or more entities.

What can you record on the blockchain?

Blockchains can be programmed to record virtually any transaction of value (financial, physical, digital).

The validity of transactions is guaranteed through their record on a principal register that is linked to a distributed (or decentralized) system of registers, all of which are connected through a secure validation mechanism.

As a kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens.

What blockchains does Brandzledger use?

Brandzledger’s framework is agnostic, independent from our clients’ preference or choice of blockchain technology.

Blockchains compatible with the platform include both permissioned/ private blockchains (like the enterprise standard Hyperledger Fabric) and public blockchains (eg. Ethereum).

Is blockchain secure?

Blockchain databases aren’t stored in any single location, meaning the records they keep are truly distributed and easily verifiable. No centralized version of this information exists for a hacker to corrupt.

By storing blocks of information that are identical across its network, the blockchain cannot:

– be controlled by any single entity, nor

– have any single point of failure.