For business is based on Multichain, holding different types of assets with any describing metadata. It stores information in a distributed and decentralized way, and the information can never be erased. It has an incorruptible digital ledger of transactions shared by participating nodes. Blockchain is modeled for commercial networks with privacy.
The blockchain technology consists of replicating in any number of nodes, blocks of transactions cryptographically signed to prevent their alteration, as well as to prevent the alteration of the order of the blocks within the chain. The consensus on the order of transactions and their entry into the network is given by different algorithms such as Byzantine Fault Tolerance.
Currently, we need trusted central authorities to verify the existence of digital transactions, validate them, and keep them secure, safeguarded and private. - Our ISP tells us that our e-mail has been delivered. - Our Bank is telling us that it has effectively transferred the money we wanted to. - Our browser tells us that a website is really the site we meant to visit, and it is protected by a valid certificate.
The business logic of the B4BN is embedded into Smart Contracts, coded as shared business processes. Smart contracts are automatically executed, when conditions are met. Example in the car industry: when a faulty part is discovered, it enters the blockchain and a smart contract executes notifying all car owners affected. Technically, a smart contact is code stored in the blockchain, that executes as a result of some blockchain transactions, and the execution consists of reading-writing data in the blockchain
Bitcoin participants are anonymous, everyone can join and view any past transaction, the only Asset is the shadow-currency, the only transaction is money-transfer, heavy cryptography is required for consensus … unuseful for regulated industries