What is Blockchain

Blockchain is the data sharing technology behind digital currencies exchanges: blockchain create a digital ledger of transactions which can be shared with networks of computers using advanced cryptography. By sharing the digital ledger, it creates a record that can be authenticated by the community, without the need of a central authority, thereby creating trust in a trustless environment.

To better understand what blockchain technology is and does, please watch this short clip: https://www.youtube.com/watch?v=zkoyzgokHtg

Benefits of using Blockchain

Blockchain technology can be implemented to help improve various business functions and applications. Aside from transparency and security, one of its main benefits is the reduced lead time in banking and insurance. In other cases, creating a smart contract to store data means that there is no need to worry about data loss and data fraud, as the ledger is kept within a network of computers. Copyright will be easier to enforce as all usage of data can be tracked within a blockchain. Vote results will also be more trustworthy and accurate as data cannot be reversed in a blockchain.

Digital Assets and Tokenisation

A digital asset is a binary format of data, which can be in the forms of images, multimedia or textual content files. The digital assets can be stored and circulated using any digital appliances including personal computers, laptops, smartphones, tablets, storage devices and many more. Tokenisation is a data security system which substitutes a sensitive data element with a non-sensitive equivalent (referred to as a token). A token is a reference or identifier that maps back to the sensitive data through a tokenisation system and has no extrinsic or exploitable value. When tokens replace live, sensitive data in systems, it minimises the exposure of and reduces the risk of compromise or accidental exposure and unauthorised access to sensitive data.

For more sensitive data information on tokenisation, please watch: https://www.youtube.com/watch?v=TPvaWeToQco

Digital Wallets

Digital wallets refer to electronic devices that allow an individual to make electronic payment transactions without the use of cash or physical credit cards, such as purchasing items online with mobile devices or using a smartphone to purchase things at a physical store. Digital wallets also allow users to send or receive payments (coins, money etc.) from others within a blockchain network.

Potential Uses

The potential uses of Blockchain technology, digital asset and digital wallet are unlimited. As personal data such as identify card information and marriage certificates can be transferred into digital format by using blockchain technology, this information can be stored within a network of computers as a ledger for better security storage. Also, payments can be transferred in a similar way by transforming payment transactions into digital data and using blockchain to create a transaction ledger and tokenisation to form a unique transaction.

Smart Contract

A smart contract can include a digital asset on anything which has an owner and can be converted into value. As digital assets can be tangible or intangible, a smart contract can also include a digital representation of a set of rules such as those embedded into blockchain, can be coded into programming languages, and a transaction between parties.

Blockchain Explorer

Unique to ANX, the Blockchain Explorer is a search engine within the blockchain: simply put, it can be considered it as a search tool to look for information within a blockchain. The Blockchain Explorer allows the user to view information about blocks, addresses and transactions on the blockchain. For example, by searching the transaction code, the movement of coins which were credited by the client can be viewed and traced.