We at Code Heroes have put together a video to explain, simply, what blockchain is in plain English. We explain how blockchain works and how it can battle major issues in industry. Using agriculture and food fraud as an example, we show how blockchain can work for businesses and why it’s caused such a craze.

Major points:

  • Blockchain is not crypto currency
  • Blockchain is a network where users add information in near-real time for accurate data without duplicates for those on the network (Blockchain is like Google docs vs old systems which are like Word)
  • The system verifies the data, requiring confirmation from the majority of users before confirming the data is correct. This prevents users from lying, as it’s unlikely that the majority of users are also lying.
  • Blockchain empowers users with the truth, so they can make better decisions. E.g. users can find beef that is truly Australian using a beef blockchain, instead of buying beef posing as “Australian”.

What the hell is blockchain?

Blockchain is a new technology which stores and transfers data in a more secure way than regular methods. It’s so safe because all the data is connected together in a chain, meaning that to hack one bit of data you would have to hack the entire system which would takes hundreds to thousands of computers to have enough power.

Blockchain is currently being used in industries such as agriculture, retail and hospitality to increase efficiency of supply chains, transparency of systems, enhance security, and battle issues of the industry such as fraud, third party costs, and inaccurate data.

For more information on what is blockchain: https://www.codeheroes.com.au/what-is-blockchain

Using food fraud as an example of a problem that blockchain overcomes, this video explains what blockchain is in plain, simple, Aussie English.

Category:

Marketing

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