6. Applications for ag

1. Blockchain ≠

BlockchainBut it is related to how Bitcoin works. Blockchain is a technology enabling cryptocurrencies, in the same way GPS guidance is a technology enabling swath control.

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Bitcoin

2. Blockchain: A Definition“Blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” - The Truth About Blockchain, Harvard Business Review, Jan 2017.

3. Why Blockchain?Any transaction that occurs is considered a “block” of information. Each block is recorded and connected to the transactions before and after it.

4. Status Quo vs. BlockchainIn a blockchain, parties participate in a single, distributed ledger that records all transactions according to a certain set of rules and standards.

5. Key CharacteristicsAttributesBuilding a Blockchain

Status Quo

Potential Uses

Rules-based

Distributed and shared, real-time

“Immutable” – can’t be changed

Permissioned

Food safety

Identity preservation

Production certification

Payments and contracts

Improves• Accuracy• Efficiency• Transparency• Trust As each transaction

occurs, it’s put into a block

Each block is connected to the one before and after it

Each party maintains separate ledgers

BlockchainParties participate in single, shared ledger

Transactions are blocked together creating an irreversible chain: a blockchain