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Understanding the Blockchain Technology

• Its own hash code. A hash code is an alphanumeric data representation. Each block has a unique code that changes if its underlying data is modified in any way. 
• The hash code of the block before the new block. This code serves as a guide for arranging the blocks in a logical and chronological arrangement. The chain is kept unbroken by associating each block with the unique hash code of the block before it. Also remember that changing the block information will cause the hash code to change.
• A timestamp. This timestamp not only helps to know when the block was created, but also keeps the chronological order of the chain.

The Security of the Blockchain Technology

Integrate Blockchain Into Your Business Operations

The Advantages of Blockchain

• Increased security. In a decentralized blockchain, data is stored in copies within a peer-to-peer network rather than on a centralized server. Thus, when adding new blocks, members of the network must ensure the legitimacy of the latter. Combined with the security measures built into blockchains, this condition makes this technology a much more secure alternative to other types of databases.
• Increased accuracy. In a cryptocurrency blockchain, the risk of human error is minimal since the verification of transactions does not rely on one and the same person. The various members of the network are responsible for validating the new information added to the blocks. This data storage method is therefore one of the safest and most accurate on the market.
• More efficient payments. When a bank processes payment, the transactions are usually managed and approved by a central authority. Also, since most banking institutions only offer their services during a certain number of working hours, payments made on weekends will not be processed until the beginning of the following week. These restrictions do not apply to blockchains. In most cases, you can transact 24/7.
• Verified transactions. Any information entered into a blockchain is verified and approved by members of the network before being added to a new block. This process ensures that transaction information added to blockchain is accurate and legitimate.

What You Will Get When You Develop Blockchain for Supply Chain With Hyperlink InfoSystem

• Inventory

• Full Traceability

• Effective Management

• Transparency