BLUF
Most organisations do not need to use blockchain software. Blockchain is slow, consumes a lot of energy and transactions cannot be changed or deleted.Summary
Reading this article should provide you with a brief overview of what a ‘blockchain’ is—basically a way of verifying transactions that are linked to a distributed ledger (database). The block is the data, and the chain is the public database (distributed ledger) where that data is stored. Every transaction has to be verified across the chain—bitcoin being a famous example of blockchain use. Frederik notes that there are some serious disadvantages to using ‘blockchain’ for example, high energy use to verify transactions. However, how much energy is subject to debate, see Energy Consumption of Blockchain Tech. Another major disadvantage is that it is impossible to undo a transaction, as once it is recorded, it cannot be removed. The article notes that using blockchain is comparable to using: ‘a forklift to put a six-pack of beer on your kitchen counter.’ You can do it, but it is inefficient and unnecessary. Agree or disagree?
