ABSTRACT
In the information technology world, the new noun ‘blockchain’ is self-explanatory: a ‘block’ is a storage unit or space for digital information to be stored in a database; and a ‘chain’ refers to the various or string of database locations where these blocks of information are stored. Blockchain technology was first configured and implemented as a practical solution in 2008 by a pseudonymous group of developers, Satoshi Nakamoto. According to a Deloitte global survey on blockchain, business executives and leaders are recognising blockchain as a pragmatic solutions platform in this sometimes contentious, complex real world of enterprises, their suppliers, partners and regulators. From a technical perspective, blockchain is a transparent and verifiable distributed digital ledger – the ideal channel for distribution of physical assets. An open-source organisation can use a peer-to-peer consensus process to determine if transactions should be included on the blockchain. Each business model requires an appropriate blockchain organisation.
