What are blockchains?

What are blockchains?


Grains
Blockchains are a new information technology solution that could be utilised in grain sales.

Blockchains are a new information technology solution that could be utilised in grain sales.

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Blockchains are an emerging technology for recording transactions.

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BLOCKCHAINS, also known as distributed ledger technology, are an emerging tool that can be used to record transactions digitally.

The system allows for the recording of many thousands of transactions on all computers in a network, meaning that each computer has an up to date and accurate record of each transaction.

Proponents of the technology say it allows for a data rich set of numbers with minimal room for error that can be used to complete transactions faster, more cost effectively and more accurately.

In financial transactions, block chains can be used to confirm digital cash was only spent once, reducing the risk of double payment of accounts and can be tailored to allow for a range of different data inputs.

AgriDigital chief executive Emma Weston said these attributes mean blockchains are ideally suited for use in grain purchasing systems.

Blockchains were first developed in 2008 and were an integral part of the concept of the online currency bitcoins.

The story What are blockchains? first appeared on Farm Online.

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