Blockchain on Suse CaaS Platform
Blockchain, the technology behind crypto currencies such as Bitcoin, is a decentralized ledger database that records and stores all transactions between users on a given distributed private or public network. These records, referred to as information on when the transaction took place as well as a secure cryptographic hash of input data from the previous block, and is therefore locked into the chain in linear, chronological order. Thanks to the block hash and block timestamp, it is essentially impossible to manipulate the blockchain without the manipulation being obvious to other parties using that blockchain. This tamper proofing makes blockchain an ideal platform for recording transactions with high security requirements, such as tracking and auditing. By providing a transparent, immutable record of every transaction, which cannot even be manipulated by system administrators, blockchain reduces the risk of fraud. Blockchain technology has the potential to revolutionize the way digital assets and sensitive information are managed and exchanged. The unique technology can improve traceability and integrity, which explains why many companies in the banking and finance sectors, along with accounting and auditing firms, are eager to utilize blockchain solutions. Beyond financial services, there is also a growing interest in areas such as supply chain management, food production and the chemicals industry.