What is Blockchain?

Blockchain technology

Blockchain technology is an improved database mechanism, that enables an open exchange of immutable data in a business network in a secure and fault-tolerant manner. A blockchain database stores the data in blocks. Blocks are interconnected in a chain in a chronological order. The blocks in the chain cannot be amended or deleted. Blockchain technology is used to create an immutable data set to enable tracking and tracing of various transactions such as orders or payments.

Blockchain technology contains built-in mechanisms that prevent unauthorized transactions and create consistency of the overall transaction view. The confidentiality, resilience and flexibility of blockchain solutions is maximized through the Hyperledger Fabric (HLF) – a blockchain protocol create by the Linux Foundation.

A simplified overview of the blockchain technology process can be visualized in this way:

What is a Ledger?

A Ledger is a key concept in Hyperledger Fabric (HLF). It stores important factual information about business objects, such as the current value/state of the attributes of the objects, and the history of transactions that resulted in these current values.

How Logivity use Blockchain?

The Logivity network utilizes Blockchain technology as it is an industry standard and open-source blockchain technology. Logivity platform is designed to enable:

• transparency for shippers and carriers through a blockchain solution that allows tracking of shipment history
• privacy for commercially sensitive information and communication between partners, customers, and other stakeholders.