How is blockchain related to Chronicled?

The blockchain will shape retail

The digital currency Bitcoin is currently experiencing regular all-time highs. The enthusiasm makes waves, but hides other areas of application of the technology behind it. And that will shape the future of retail. We explain the phenomenon.

Share this article A term like "Bitcoin" seems to be more suitable for the masses when teenagers in the Hamburg subway are philosophizing about the current rate. But what inspires computer scientists, financial service providers and (business) journalists alike? It is the underlying discovery of the blockchain that has the potential to be as momentous as the development of the Internet.

Blockchain - a protocol of trust

Trade relationships are often based on mutual trust. A jeweler who buys from a wholesaler or a gemstone cutter must rely on not being scammed. Origin and authenticity are confirmed with certificates. However, these could also be fake. When it comes to larger quantities, the individual testing of each individual piece is then canceled. The dealer will trust his supplier. The question that concerns computer scientists intensively is how trust can also be built on the Internet. And according to the motto “trust is good, transparency better”, the answer seems to have been found in the blockchain.

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Put very simply, the blockchain can be viewed as a decentralized system for bookkeepingto introduce. This analogy also explains one of the greatest advantages of the technology. With classic bookkeeping, there is a booking journal somewhere in a central location. With a little criminal energy and skill, someone with access to them can manipulate entries in order to keep money aside on a regular basis. By the time the dizziness is exposed, the person is gone. This is not possible with the blockchain in this form. Because there is no central booking journal. Rather, this is "distributed". But that doesn't mean that fraudsters have it easier now or that the number of potential fraudsters is increasing.

Blockchain - the chain creates security

The information in a blockchain is not centrally available. There is no owner or the one computer on which a huge database is located. The distribution of information reduces the risk of manipulation. It could only become dangerous if a manipulator were able to bring more than half of all systems involved under its control.

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From the point of view of the system, it is not relevant which information a blockchain should store.These can actually be financial transactions, but also notarizations of property sales or digital rights. The information is stored in so-called blocks. A block contains the checksum of a previous transaction. It means that a new transaction is always based on the previous one. Combined with the decentralized approach, this is one of the keys that contribute to the security of the blockchain. If a transaction that has already been completed is changed, the checksums are no longer correct, which is noticed in real time on the other participants' systems. The transaction is discarded and the validity is canceled until the time of the last verified entry. The manipulated system is excluded from the blockchain. Nothing more could be done with the manipulated copy. The transactions are connected like the links in a chain.

But how are the transactions certified? This is where "miners" come into play. It is computer systems that provide capacities for the test, not people. The transactions are controlled using the rather complex mechanisms of the checksum calculation. If everything is in order, the block is saved in the blockchain and the transaction is sealed, making it tamper-proof. And since the individual transactions build on one another, their order is also determined.

To participate in the blockchain, the Parties have access software, also known as a wallet. It contains a public and a private key of the participant. The transaction is signed with the private key. The authenticity of the signature can be verified using the public key. But without the private key, the transaction cannot be signed.

Blockchain in retail

Bitcoin, which will deal with etailment in another article, is the most recent example of a blockchain. But currency is only one facet of the possibilities.

The authenticity of products will be verifiable by means of the blockchain. The enterprise Chronicledfor example wants Luxury goodsprovided with chips to store the information in a blockchain. On the one hand, this would mean that an unnoticed resale would not be possible. On the other hand, it is not enough to replicate the chip. A counterfeit or an item of dubious origin would have to be identified.

Chronicled wants to use blockchain against counterfeiting


The US chain Walmarthas already announced that it will use blockchain to make its supply chains transparent and traceable. example Fresh meat: With the blockchain, the path of the product from slaughtering, processing and to the refrigerated counter would be traceable and documented in a forgery-proof manner. The transparency of the supply chain is also about in Timber tradeof great importance. Once the tree has been felled and sawed, the dealer has to believe his supplier that it is a legal item.

Everledger - diamond certificates via blockchain

Everledger, on the other hand, is dedicated to the authenticity of diamonds and solves the problem with forged certificates through the blockchain.

A little bit of the future remains

The blockchain will create many new application scenarios. But not overnight. Because the new system would first have to communicate with the existing IT systems in banks and retail and take over data. Measured against current standards, the data throughput is currently still rather low. Here, too, something has to be done. So much is still in the experimental stage, but we can look forward to the future.

How the blockchain will radically transform the economy


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The trade 02/2021

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