A blockchain, is a continuously growing list of ‘blocks‘ (records), which are linked and secured using cryptography (secured information/data). The authenticity of each block is guaranteed by a community of ‘miners‘ and not by a central authority. Blockchains are secure and decentralised by design.
By design, blockchain data is resistant to modification. It can record transactions between two parties efficiently and in a verifiable and permanent way. A transaction can not be altered anymore once it is recorded. All parties can review previous entries and record new ones. Transactions are grouped in blocks, recorded one after the other in a chain of blocks.
This makes blockchains technologies potentially suitable for the recording of events, medical records, records management, identity management, transaction processing, documenting provenance, food traceability, voting… without the need for a central authority to validate this data.
Blockchains are rated, undeniably, faster, cheaper, and more secure than traditional systems, which is why banks and governments are turning to them. The technology is expected to have significant impact on industries including payments, finance, insurance, energy, IoT, exchanges, music and many more.
Endare already developed multiple proof of concepts with blockchain. One of them was for Mercedes were we developed a solution with smart contracts based on Ethereum . Each Mercedes car is a ‘user’ in the blockchain network that can perform transaction. Transactions in this use case are payments to make use of parking lots, a carwash, a gas station,… This blockchain-based solution allows self driving cars to use these services and pay for them autonomously without the involvement of a human being. Smart contracts are used to determine the boundaries on how much the car can spend at which location. The use of blockchain ensures us that each transaction is secure and undeniably.contact