Information Builders recently joined the Hyperledger Consortium, an open source collaborative effort formed to advance cross-industry blockchain technologies.
That’s a mouthful so let me unpack it for you.
A blockchain is a distributed ledger of transactions that can record any type of information. This rapidly emerging peer-to-peer business model is making inroads in finance, banking, Internet of things (IoT), manufacturing, logistics, supply chain management, and other domains. Information Builders joined many other vendors in this open source effort, which is supported by IBM through the Linux Foundation.
There is a lot of excitement surrounding these developments. Harvard Business Review said blockchains have the potential to create new foundations for our economic and social systems. By transferring value between parties without having to rely on a third party or middleman, a blockchain provides an important trust layer for Internet transactions.
Think of a blockchain as a historical record of transactions. Each block is chained to the previous block in sequence, and is immutably recorded across a peer-to-peer network. Cryptographic trust and assurance technology equates a digital fingerprint or unique identifier to each transaction, as shown below.