WHAT is Blockchain?
Blockchain is a specific form or subset of distributed ledger technologies, which constructs a chronological chain of blocks, hence the name 'block-chain'. A block refers to a set of transactions that are bundled together and added to the chain at the same time. In the Bitcoin blockchain, the miner nodes bundle unconfirmed and valid transactions into a block. Each block contains a given number of transactions. In the Bitcoin network, miners must solve a cryptographic challenge to propose the next block. This process is known as 'proof of work', and requires significant computing power.
Timestamping is another key feature of blockchain technology. Each block is timestamped, with each new block referring to the previous block. Combined with cryptographic hashes, this timestamped chain of blocks provides an immutable record of all transactions in the network, from the very first (or genesis) block.
WHAT do we think?
Agile Federal Services, believe that blockchain will transform how businesses are organized and managed. It allows companies to eliminate transaction costs and use resources on the outside as easily as resources on the inside. Vertical integration may continue to make sense in some situations (for manufacturing-controlled pharmaceuticals, for example, or where companies have industry-leading strengths throughout the supply chain). But in most cases, we believe that networks based on blockchain will be better suited for creating products and services and for delivering value to stakeholders.
The real advantage to making property smart is that it can be traded, accessed, and controlled in the near trustless way, reducing cost as well as fraud. This will open up and expand commerce, making everything more competitive and at the same time less expensive. Think about this: smart property can be used as collateral by a borrower when they borrow money from a lender using a smart contract. We envision the blockchain becoming a tool for inventory, tracking, and exchange of assets in the future.