On Thursday, February 22nd at 5:30pm, The MIT Enterprise Forum of DC and Baltimore presents: Transforming Government, Industry and Commerce One Blockchain at a Time. This event will be held at French Embassy in Washington, DC. Light refreshments will be served. Register Here
In this signature event, meet speakers and panelists from the DC area who are leading the Blockchain supply chain (r)evolution. One Blockchain thought leader, Ms. Sonia Mundra, President of Chenega ABS offers an overview of Blockchain technology from a federal contracting perspective:
Blockchain is a nascent technology, and is not owned by a single party. Traditionally, data has been stored in a centralized database with a single (human) system administrator or central authority, who gives users access to the database and validates transactions.
Centralized data warehouse storage is viewed as inferior to blockchain, because it has a single point of failure, which can be penetrated or hacked. Databases with a central authority also require special skills of a system administrator, bank, lawyer or notary; which increases both costs and time to market for goods and services.
Blockchain, on the other hand, can be defined as a distributed, or decentralized, database. Both physical (tangible) and intangible assets can be digitized, and the digital footprint of the asset can be stored as a blockchain.
The digital blockchain that is used to represent the asset in question is stored on multiple systems and computers. Each computer system has a designated user, or administrator. If the owner of the digital asset wishes to make a change to the asset (for example, transfer of ownership), then the change must be approved by all system users, for the change to be made.
Every change in the asset becomes another block in the blockchain, with each block having its own special key. Recording of changes provides a clear audit trail for executive leadership.
Blockchain distributed ledgers provide what is known as “consensus based permission.” If a hacker attempts to alter one blockchain, secure blockchain technology will not permit the change; since all the distributed blockchains must sync to each other, for the change to be considered valid.
Blockchain databases are considered by technology pundits to be nearly hackproof, and certainly more secure than traditional centralized databases; allowing only owners of digital assets to alter and make changes to the asset.
We hope to see you on Thursday, February 22nd at 5:30pm, for Transforming Government, Industry and Commerce One Blockchain at a Time. This event will be held at the Embassy of France in the United States, 4101 Reservoir Road Northwest, Washington, DC 20007.