The number one question we receive from customers is “what is block chain?” Many believe Blockchain technology is set to change the way the world does business. Blockchain is an incorruptible decentralized ledger that not only provides a transaction medium but also acts as a repository of all transactions in hashed digital packets called blocks. The advantage of a blockchain based identity system is its ability to record each identity shared in the global network and maintain continually reconciled data throughout the network. While we have reservations about the long term viability of blockchain (we will get into this in a future post), we do believe that in 2018 Blockchain is a solid safeguard.
The blockchain technology has solved a long-standing problem of virtual decentralized networks: how to ensure that a person cannot resend the same data twice to different persons. Through P2P verification and the public ledger, this is now a thing of the past. The technology records each and every transaction that are made on the network through cryptographic digital keys. As each block is chained to another block through the algorithm, so there are zero chances of duplication and removal of transactions that have been held on the network globally. Simultaneously, the more the complexity of digital key, the more secure the Blockchain.
With such wide-ranging possibilities, there is no surprise that blockchain has the potential to enhance the quality of service delivery while improving confidentiality and integrity of data. A digital identity solution, (such as Gravity by Griffin Group Global,) is economical, immutable, secure and easily accessible, while providing a legitimate audit trail.
Alas, we have reservations on the long term viability of blockchain, that we will explain in a future post from our CEO Jonathan Fishbeck. We hope this is a great explanation to those who are asking “what is block chain?” Happy & secure Monday everyone!