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IPC Technology Solutions White Paper on Blockchain and the Electronics Industry: A Review of the Current State of Blockchain Technology and Its Potential Applications in Electronics Manufacturing
1 Introduction
Blockchain has quickly evolved in recent years from obscure technology to a major disruption driver compared by some with the importance of the internet.[1] While blockchain is conceptually a simple construction that enables the secure storage and distribution of information, its applications in decentralization of systems are bringing innovation to several industries.
One of the first implementations was Bitcoin2, which represented a solution to solve in a decentralized manner the doublespending problem in a trustless peer-to-peer (P2P) network.[3] By using cryptographic mechanisms, the blockchain ensures that the data that it stores is immutable. The details of every transaction are recorded on the shared distributed ledger and an updated version of it is stored in synchronization by all network nodes.[4] Blockchains use a distributed storage system to record the transactions. This means that all nodes in the network store either the whole history of the transactions or a subset of it. Before a transaction is recorded on the ledger, all nodes have to reach consensus (using a consensus algorithm).[ 5] Moreover, all transactions are public and digitally signed with the owner’s public key and verified with the corresponding private key. A batch of new transactions are then bundled into a new block that always links to the previous block, therefore creating a chain of blocks.
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