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Blockchain

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.

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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

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Distributed

It works as a system of record that is shared among participants of the business network, eliminating the need to reconcile disparate ledgers.

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Permissioned

Each member of the network has access rights so that confdential information is shared on a need-to-know basis.

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Secured

Consensus is required from all network members and all validated transactions are permanently recorded. No one, not even a system administrator, can delete information.