A blockchain is a growing list of records, called blocks , which are linked using cryptography. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally represented as a Merkle tree).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
The blockchain technology introduces the following core benefits to our product:
● Provide cryptographic-proven immutable history
● Ability to automate fraud-detection cases based on ledger’s history
● Ability to automate business processes based on smart contracts feature
● Ability to control data visibility for parties involved in the transactions via channels
● Ability to easy open data for new parties