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As previously stated, blockchain is kind of like an online ledger that exists across a network of computers (Nodes) that is updated on a very regular basis. It isn’t centralised which means the data is not stored in any single location at any time, making the information not only public but verifiable as well. This robust design means that the ledger cannot be controlled by a single computer or person and has no single point of failure.
A simple example would go like this:
Person A wishes to send money to Person B.
The first block of data is created online and is representative of the transaction.
This block of information is then sent to every node in the network.
The network validates and approves the transaction
The block of information is then added to the chain of information which creates a permanent and transparent record of the transaction.
Person B receives the money
Due to the fact all this information is stored over a vast network of Nodes, the information cannot be changed afterwards as any tampering or discrepancies would become visible immediately. This not only makes the process transparent but also adds accountability, as explained by Ian Khan:
“No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”
With the decentralisation of the network it becomes more difficult for a hacker to exploit as they are not targeting a single, centralised machine. Whereas a normal user has passwords and logins, Blockchain uses encryption technology to keep it secure.
In terms of applications to the Manufacturing & Engineering industries Blockchain technology has the potential to help companies and the public audit Supply Chains. Distributed ledgers allow us to be able to confirm the source/history of the goods we are buying and make informed choices about how we choose to process/use that information.
Decentralising file and cloud storage using Blockchain technology will help protect files from getting hacked or lost. A clear benefit for any business.
Smart Contracts using Blockchain technology could use simple contracts that will execute when specified conditions are met. These would be legally binding programmable digitised contracts entered onto the Blockchain as variables and statements that allow the release of funds, for example, using a cryptocurrency like Bitcoin as a 3rd party executor.
Additive Manufacturing and 3D Printing can also benefit from Blockchain technology to help prevent IP theft and provide an automatic audit trail making it possible to track the state of an asset.
Anti-Counterfitting measures can incorporate Blockchain technology to allow consumers, retailers and manufacturers can, in the same way as the supply chain method, track the progress of their products being developed to ensure that original parts and products are being shipped out and received by the appropriate people.
As the technology develops further, more possibilities will arise in its practical application in various aspects of the Manufacturing and Engineering industries including the Internet of Things which would help streamline processes better and improve efficiency. Whilst the public aren’t ready for another revolution just yet, the slow march of Blockchain should ease everyone into this major disruptor of our currently centralised system.
I'd also like to take the chance to thank you for all your help during my time with Ambitek. I have always been paid on time and any worries I had were sorted out incredibly quickly either by yourself or your colleagues. Thank you for making my time as a contractor as painless as possible. I would certainly have no qualms about being employed by your agency again sometime in the future. Although obviously not any time soon!!!!
I contacted Ambitek last year about employment. They quickly responded and helped me get a job! I now have a full time job thanks to Ambitek and their staff. They have always paid me on time and have always been there to help me if I needed any advice! Now me and my family are doing great all thanks to Ambitek.
"Hi, hope your all set for Xmas just wanted to say thanks to you and all the staff at Ambitek. You have all been ace this year sorting out my wages and holiday pay and the rest, it's been a real pleasure working for you this year and can't thank you enough for getting me the job in the first place it really pulled me out of it when I was down and to say I appreciate it is an understatement
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Hi, just wanted to say thank you for all your help placing me, as today I signed a permanent contract. The agency have been fantastic and in the future I wouldn't hesitate in contacting you if I need a job or recommending you to others. Once again, thank you and I would like to wish you all the best for the future. (One happy customer!)
Hi, don't know if they informed you but I got a full time contract this week, thanks to you and your team for everything mate I'd be nowhere without Ambitek.
Wish everyone looked after us like you.