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Re: Welcome to the Blockchain AMA!
My first question: What is blockchain and how does it apply to the non-financial industry?
- Hi Adam - nice to see someone else in the Cotswolds with an interest in Blockchain. Blockchain is a distributed database where a consensus algorithm is used to settle on a single version of the truth. Everyone has a copy of the database and, depending on the implementation, may be able to participate in the consensus process. What you get is a very resilient, immutable database well suited to recording transactions between multiple parties. Outside of finance, it lends itself to anything where an audit trail is important, eg tracking provenance, supply chain management etc
It allows parties to cooperate without trusting eachother. It provides a permanent, tamper-impervious way of conducting business and producing a trail of activity.