6. Applications for ag 1. Blockchain ≠ Blockchain But it is related to how Bitcoin works. Blockchain is a technology enabling cryptocurrencies, in the same way GPS guidance is a technology enabling swath control. 101 Bitcoin 2. Blockchain: A Definition “Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” - The Truth About Blockchain, Harvard Business Review, Jan 2017. 3. Why Blockchain? Any transaction that occurs is considered a “block” of information. Each block is recorded and connected to the transactions before and after it. 4. Status Quo vs. Blockchain In a blockchain, parties participate in a single, distributed ledger that records all transactions according to a certain set of rules and standards. 5. Key Characteristics Attributes Building a Blockchain Status Quo Potential Uses Rules-based Distributed and shared, real-time “Immutable” – can’t be changed Permissioned Food safety Identity preservation Production certification Payments and contracts Improves • Accuracy • Efficiency • Transparency • Trust As each transaction occurs, it’s put into a block Each block is connected to the one before and after it Each party maintains separate ledgers Blockchain Parties participate in single, shared ledger Transactions are blocked together creating an irreversible chain: a blockchain
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6. Applications for ag
1. Blockchain ≠
BlockchainBut it is related to how Bitcoin works. Blockchain is a technology enabling cryptocurrencies, in the same way GPS guidance is a technology enabling swath control.
101
Bitcoin
2. Blockchain: A Definition“Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” - The Truth About Blockchain, Harvard Business Review, Jan 2017.
3. Why Blockchain?Any transaction that occurs is considered a “block” of information. Each block is recorded and connected to the transactions before and after it.
4. Status Quo vs. BlockchainIn a blockchain, parties participate in a single, distributed ledger that records all transactions according to a certain set of rules and standards.
5. Key CharacteristicsAttributesBuilding a Blockchain
Status Quo
Potential Uses
Rules-based
Distributed and shared, real-time
“Immutable” – can’t be changed
Permissioned
Food safety
Identity preservation
Production certification
Payments and contracts
Improves• Accuracy• Efficiency• Transparency• Trust As each transaction
occurs, it’s put into a block
Each block is connected to the one before and after it
Each party maintains separate ledgers
BlockchainParties participate in single, shared ledger
Transactions are blocked together creating an irreversible chain: a blockchain
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