European Union European Regional Development Fund        Interreg Central Baltic

Blockchain

There are numerous definitions and descriptions of blockchain, most of them written from the point of view of a cryptocurrency use case. Bitcoin and it’s successors make up the current bulk of various blockchain fabrics out there, but blockchain and bitcoin are not the same thing at all.

The always useful wikipedia defines blockchain simply as follows:

A blockchain consists of blocks that hold timestamped batches of valid transactions. Each block includes the hash of the prior block in the blockchain, linking the two. The linked blocks form a chain, with only one (successor) block allowed to link to one other (predecessor) block,[6] thus giving the database type its name.

The above definition gives us the bare bones of the technology concept which is about to transform the world, much in the same way that World Wide Web did more than 25 years ago. It’s significance and potential pretty much cannot be emphasized too much, as Don Tapscott argues in the McKinsey interview.

In our context, however, we look at blockchains with a bit more pragmatic eye. We intend to use blockchain concept and it’s existing variations in a very concrete task – in creating a blockchain fabric through which a very large number of logistics companies databases can talk to each other directly. The implied effect from this exercise is two-fold: we will firstly achieve total visibility within all imaginable participating supply AND value chains, and secondly we will create a platform for the emergence of a machine-to-machine  marketplace of continent-wide logistics transactions between all participants.