Blockchain
Definition
Distributed ledger technology that maintains a continuously growing list of records secured using cryptography, enabling decentralized applications.
Use Cases
- Walmart: Food traceability to quickly identify the source of contaminated products (e.g., leafy greens) across the supply chain. — Worked with IBM Food Trust (built on Hyperledger Fabric) to record supply-chain events (farm, processing, shipping, store) so authorized participants can query provenance data. (Improved traceability speed from days to seconds for certain products, enabling faster investigations and more targeted recalls.)
- De Beers: Diamond provenance tracking to reduce the risk of conflict diamonds and increase consumer trust. — Built the Tracr platform to record a diamond’s key attributes and lifecycle events (from mine to retail) on a shared ledger among participants. (Greater transparency and auditability of provenance data across participating organizations, supporting responsible sourcing claims.)
- JPMorgan (Onyx): Blockchain-based interbank value transfer and settlement for institutional clients. — Developed blockchain networks and products under Onyx, including JPM Coin for certain internal/client settlement flows, using permissioned blockchain approaches. (Faster settlement for eligible transactions and improved operational efficiency for participating institutional workflows (scope depends on network participants and use case).)
Provider Equivalents
- AWS: Amazon Managed Blockchain
- Azure: Azure Blockchain Service (retired); use Azure Confidential Ledger or partner offerings
- OCI: Oracle Blockchain Platform
Frequently Asked Questions
- What's the difference between blockchain and a traditional database?
- A traditional database is usually controlled by one organization that can change or delete records. A blockchain is a shared ledger where multiple parties agree on updates using a consensus process, and past records are designed to be very hard to alter without detection. Blockchains are useful when multiple organizations need a common, tamper-evident record without relying on a single central owner.
- When should I use blockchain?
- Use blockchain when you have multiple parties (often different companies) that need to share data, don’t fully trust a single party to own the system, and need an auditable history of changes (provenance). Common fits include supply-chain traceability, shared asset registries, and multi-party workflow tracking. Avoid blockchain if a single organization controls the process, you need high throughput/low latency like a typical app database, or you can meet requirements with a standard database plus audit logs.
- How much does blockchain cost?
- Costs depend on the type of blockchain and how you run it. For managed permissioned blockchain services, you typically pay for node instances, storage, network traffic, and any managed service fees. For public blockchains, you may pay transaction (gas) fees that vary with network demand, plus infrastructure costs if you run your own nodes. Additional costs often include integration work, identity/access management, security reviews, and ongoing governance among participants.
Category: emerging-tech
Difficulty: advanced