What is Blockchain anyway?

How does blockchain work? And how can a technology that seems to be all about cryptocurrency make my business safer? We explain why blockchain is the key to business safety and integrity.
Swift and secure isolations with blockchain benefits

It seems the word on everyone’s lips in the tech world is blockchain. How much of it is media hype, and how much is real?

The blockchain is heavily associated with cryptocurrencies, such as Bitcoin. But what has that got to do with Safe Work Systems? At Mineral Blue, we understand that blockchain is bigger, more important, and more trustworthy than clickbait headlines would have you believe. The truth is, blockchain can (and should) underpin the quality and security of any business.

How does it work?

The way the blockchain works is that each new block of transactions includes a cryptographic hash of the previous row.

That means you can’t just change a row. You have to unwind the whole chain. If you do that, then your version of the data is inconsistent with everyone else’s, and will be ignored.

It‘s the combination of cryptography and community that makes it work. It’s a wonderfully elegant idea.

Isolations and the blockchain

But it’s not just elegant. Blockchain has powerful business benefits. Especially in the engineering industry. And that’s why we’ve created iSOL8, as part of our Safe Work System Mineral Blue. iSOL8 will not just carry out swift and secure isolations, but will write them to the blockchain.

What that gives us (and you!) is a tamperproof ledger. We can prove – using mathematics – what happened at a certain time.

Why is that important? Because it means that if you ever find yourself in court, you can make your case using the immutable laws of mathematics, and blockchain proof.

Blockchain means trust

It also means you’re trustworthy. If your systems write information to the blockchain, it means you have nothing to hide. That gives trustworthy businesses a competitive advantage over untrustworthy ones.

The fuss over Bitcoin will eventually die down. Then we’re left with the real benefits of this impressive technology. It appears safety systems and the blockchain are the perfect fit.

 Exciting times!