The Blockchain

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A blockchain can be thought of as a kind of database which holds a record of every single transaction that has ever been made in the system, with copies being held across the Internet on literally thousands of computers which maintain its integrity.  Between them these computers compile and verify "blocks" of transactions which are strung together in cryptographically secure "chains" of blocks (hence a "blockchain").

 

For example, with the Bitcoin network there is no central authority, all transactions are verified by the thousands of people around the world who operate the system and this lack of hierarchy has huge implications for the efficiency of business systems generally.

 

Using blockchain technology is not a solution for everything, but it presents exciting opportunities for new ways of doing business.  In the case of the timber industry, consignments of timber could be recorded at felling and then tracked from source to end user.  The proposed Timberblock system provides a way to establish proof of origin, with verification being available to participants through the entire supply chain.

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