Consider a simple problem of tracking medicines in a pharmaceutical plant. The inability of tracking what medicine came from which batch can be a significant gap in an audit trail. To link entry on the Blockchain to the original batch a digital tag is needed on the batch and medication. However, this becomes a complex issue when tracking livestock. At that point, we may be considering using a physical tag on the livestock. Blockchain provides a reliable way of creating permanent and verifiable records, but it lacks the process to ensure connectivity between real-world and digital world entities are permanent and verifiable in all cases.
Blockchain technology provides an immutable, digital audit trail of transactions, and can be used to verify the integrity of data at low price points. It enables entities to agree, on a global scale, about the true state of affairs within a market without relying on an intermediary. This audit trail is achieved through a clever combination of incentives and cryptography and ensures that at any point in time, digital records reflect the real “consensus” among the key stakeholders involved. It removes the necessity for a central authority to verify and maintain the records of transactions and nullifies the need for trust between players when sharing digital records. At the intersection between Real and Digital worlds, data along with human intervention plays a key role. Smart data allows for solving some parts of last mile issue as seen in Blockchain scenarios. As illustrated by “David Siegel – CEO of the Pillar project” It follows six principle...
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