A BLOCKCHAIN is a shared immutable ledger for recording the history of transactions that cannot be changed. A private blockchain provides a permissioned network with known identities.
VERISIUM uses the Quorum™ blockchain – an enterprise-ready distributed ledger and a smart contract platform developed by J.P.Morgan
How blockchain work
As each transaction occurs, it’s put into a block.
Each block is connected to the one before and after it.
Each block is added to the next in an irreversible chain.
To form a block, all the parties should come to a consensus on transactions.
What information is stored in blockchain.
The blockchain protects your brand because it is:
The chips’ UID & TID storage
The ASSOCIATION of product codes with UIDs and TIDs
A LIST of original items with their statuses
It works as a system of record that is shared among participants of the business network, eliminating the need to reconcile disparate ledgers.
Each member of the network has access rights so that confdential information is shared on a need-to-know basis.
Consensus is required from all network members and all validated transactions are permanently recorded. No one, not even a system administrator, can delete information.