Blockchain transaction. In order blockchain you cannot

Blockchain technology is an algorithm that was originally created and developed for the cryptocurrencies like Bitcoin that uses distributed data structure to manage electronic cash movements. Instead of relying a centralized system, such as a bank or government backing, the blockchain is taken that role.When payments are made electronically, they are digitally recorded and combined with other transactions and becomes series, called blocks. If opened, they would look like the page of a ledger or record book.Mining is the mechanism that allows the blockchain to be decentralized security. It secures the system and enables the system to work without a central authority. Miners are always, and constantly working to validate new transactions and record them on the global ledger (blockchain).  In this fashion, ‘Miners’ compete for the right to update the ledger through solving difficult mathematical equations based on a cryptographic has algorithm. When a solution is found, other computers check to verify if the information on a block is correct. If more than 50% of the transactions are accepted, then it becomes part of the ledger. All transactions are on a live feed and visible to the public to see, and every transaction that ever occurs is permanently recorded. One of the pertinent reasons that makes blockchain successful is due to the fact that there is more than one copy of this transaction. In order blockchain you cannot do that because it is simultaneously kept on 6000+ computers around the world. If a user were to try and change an old transaction, they would have to personally change over half these computers all within 10 minutes. Every 10-minutes, the blockchain is permanently updated with new information which makes it impossible to edit, hack or destroy the blockchain ledger. When it comes to business having a paper-free, mass amounts of emails and memos would be a benefit. This is where blockchain would be implemented. At a push of a button, someone could add a “transaction” to the company blockchain and it would easily be accessed by anyone, who has the permission, in the company or process. This would make it hard to commit fraud or withhold information from other branches of the company. One of the options that are being looked at for use is Hyperledger Fabric. According to IBM, it is intended as a foundation for developing blockchain applications with a modular architecture. It is built for company use. IBM says Hyperledger Fabric has six components permissioned membership, performance, scalability, and levels of trust, data on a need-to-know basis, rich queries over an immutable distributed ledger, modular architecture supporting plug-in components, protection of digital keys and sensitive data.Permissioned membership means that all of the people who have access to the platform have known identities and have been given permission to have access to the platform. This, of course, gets more complicated depending on the type of firm the fabric is being used in. For example, healthcare. There are only certain people that need to be able to access patient information. These Hyperledger Fabrics need to comply with the laws that are in place to protect people and their information. Performance, scalability, and levels of trust this would allow firms to streamline their transaction processing. This cuts down on the number of phases needed, now there would be three, chaincode, ordering, and validation and commitment. Since there are fewer steps in the process it is enhanced. Data on a need-to-know basis is done through data partitioning on the blockchain. The idea is only giving access to information and what is needed because the business world is so competitive there are laws that apply to keep the data that they possess confidential. Rich queries over an immutable distributed ledger Modular architecture supporting plug-in components which allows network designers to use implementations for components. For example, some companies have already created and use an identity management program and the modular architecture allows them to still use their program instead of starting fresh. Protection of digital keys and sensitive data is needed for firms. HSM (Hardware Security Module) is used to protect data that needs a higher standard of protection. It would be used for identity management.Two companies that are looking to implement this are Maersk, the world’s largest container shipping company, and IBM. In an article by IBM, they are trying to implement Hyperledger fabric for blockchain networks hosted by The Linux Foundation. They believe that it has the potential to save their industry billions of dollars. These companies work a with a lot of other companies and this is a way for all of them including Maersk and IBM to be more transparent. For example, Maersk noticed in one of their processes that just a shipment of refrigerated goods from East Africa to Europe can go through nearly 30 people and organizations, including more than 200 different interactions and communications among them (IBM, 2017). They have confidence that if they implement the blockchain solution that it would help reduce errors, improve inventory management and shipping process, and reduce cost. Blockchain specifically Hyperledger Fabric would be beneficial to implement. From a process standpoint