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Shared ledger and protection

Shoes and Accessories
From United Kingdom
To United States of America
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Samuel J.
Not rated
Jul 22, 2020
How will blockchain protect a company’s information while using a shared ledger?

1 answer

Jul 22, 2020

Good question. Companies can be partners while at the same time competitors. They do not want to share all their information with all the parties in their network. How does Blockchain deal with this, thereby making Blockchain for global trade a feasible solution? Several solutions are possible. One solution is encryption. If a company encrypts its shared data, other parties in the network cannot understand it, even if they have a copy of it. A party always remains the owner of its own data, and it defines access rights to its information. For example, a shipper can decide that its freight forwarder can read some of its data and that the Customs administration can read all of its data. In such a case, the freight forwarder will obtain a key to decrypt some of the data, and the Customs administration will obtain a key to decrypt all of the data.

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