In my earlier post I described block-chain as used in crypto currency transaction. What is the difference between the business block-chain and crypto currency block chain?
The main difference is in the creation of ‘proof of work’ through the process of mining in Bitcoin, which requires the consensus of the whole P2P network. Also, the transactions are public but hard to tamper with. In the business case, the mining is replaced by a ‘selective endorsement’. The transaction is available only to a few that the business chooses. So both security and privacy are achieved.
Many businesses have started using block chain technology. Latest is Wallmart. Will Amazon follow suit?