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Evaluating Blockchain Use for Chain of Custody

Written by DFM Team

Evaluating Blockchain Use for Chain of Custody

Blockchain technology provides data sharing capability, where transaction of information gives continuously updated information without the need for a central administration. The benefits of this technology are significant when accuracy of information and full access are required. However, the general efficiency of such technologies is yet to be proven. The security features are appealing and the promised benefits compelling but few examples have proven effective outside of cryptocurrency transactions. The advantage of blockchain use is the protection of the information in the chain, and during transactions. The information is resistant to modification and under cryptographic security. The design of the open, distributed ledger system is immediately accessible and transactions may only proceed in a secure fashion. Once recorded, the data cannot be altered retrospectively without alteration to all subsequent blocks of information, and the agreement of the network peers. When changes are made the network is self-governing and hence unauthorised transactions can quickly be disclosed and stopped. In this article we explore the potential to exploit the benefits of blockchain technologies for chain of custody application, while still acknowledging the infancy and current inefficiencies of the technology.  

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