Blockchains are shared and distributed data structures or ledgers that can securely store digital transactions without using a central point of authority. More importantly, blockchains allow for the automated execution of smart contracts in peer-to-peer (P2P) networks. They can alternatively be seen as databases that permit multiple users to make changes in the ledger simultaneously, which can result in multiple chain versions. Instead of managing the ledger by a single trusted centre, each individual network member holds a copy of the records’ chain and reach an agreement on the valid state of the ledger with consensus. The exact methodology of how consensus is reached is an ongoing area of research and might differ to suit a wide range of application domains. New transactions are linked to previous transactions by cryptography which makes blockchain networks resilient and secure. Every network user can check for themselves if transactions are valid, which provides transparency and trustable, tamper-proof records.
SMARTIVE is developing a unique consortium blockchain based on Hyperledger Fabric 2.0 hosted in Azure by using Azure Kubenetes Service (AKS). The objective of the blockchain is to secure SCADA and IIoT data and perform a perfectly transparent and traceable contract on the KPI prognosis performance.