Blog
Upcoming Webinar

What Is Blockchain Technology? Here’s A Simple Answer

Posted on 
September 14, 2020
9.14.20
Monday
Register
Download Presentation
Watch the Webinar
No items found.

Blockchain technology is becoming an increasingly popular buzzword in the tech industry. Even though the concept was developed in 1991, it’s been in use since about 2009, many businesses are still at a loss as to what blockchain really is, and more importantly, how to apply it to their business.

Speakers
Bringing together leaders in industry and technology to drive innovation.
Matthew Wright
Founder & CEO
About Matthew
Matthew Wright is the founder & CEO of Specright, the first cloud-based platform for Specification Management. Specright has been recognized as a Gartner Cool Vendor, received the Salesforce Innovation Award and was named one of the Top Places to Work by the OC Register and Built in LA. Wright is also a published author and his book, “The Evolution of Products and Packaging,”was named to the Amazon Hot New Release List for Industrial Relations Business and has a five star rating.

Prior to founding Specright, Wright spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry and sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.
No items found.
Discover the value of a Spec-first approach to your business
Get Started

What Is Blockchain Technology? Here’s A Simple Answer

Blockchain technology is becoming an increasingly popular buzzword in the tech industry. Even though the concept was developed in 1991, it’s been in use since about 2009, many businesses are still at a loss as to what blockchain really is, and more importantly, how to apply it to their business.

Download Case StudyDownload Case Study
Impact Metrics
-
+
-
+
-
+
-
+
The Impact
Specification Management Summit

Join us for the industry leading Specification Management conference. Specification Management Summit will be held Jan. 16-18, 2023, in Nashville TN.

Learn More
Academia

Specright partners with the leading Packaging Academia programs in the U.S., enabling the future workforce with hands-on experience to its Specification Data Management platform.

Learn More
Discover the value of a Spec-first approach to your business
Get Started
Blog

What Is Blockchain Technology? Here’s A Simple Answer

Blockchain technology is becoming an increasingly popular buzzword in the tech industry. Even though the concept was developed in 1991, it’s been in use since about 2009, many businesses are still at a loss as to what blockchain really is, and more importantly, how to apply it to their business.

Posted on 
September 14, 2020
9.14.2020
Monday
Ayman Shoukry
CTO, Specright
RegisterRegister
Download Presentation
No items found.

Blockchain technology is becoming an increasingly popular buzzword in the tech industry. Even though the concept was developed in 1991, it’s been in use since about 2009, many businesses are still at a loss as to what blockchain really is, and more importantly, how to apply it to their business.

Ayman Shoukry

Blockchain technology is becoming an increasingly popular buzzword in the tech industry. Even though the concept was developed in 1991, it’s been in use since about 2009, many businesses are still at a loss as to what blockchain really is, and more importantly, how to apply it to their business.We answer the questions and help provide the building blocks of blockchain in this rapid-fire guide for beginners.

What Is Blockchain?

Remember when hotels used to have large guest books on their front desks, and anyone could sign and browse through to see who else stayed there? Now, imagine that guest book being available on the internet for anyone to view or electronically sign. That’s similar to how blockchain works.A blockchain is a ledger of publicly-made data entries which is connected to the internet. Information that is recorded in a blockchain is stamped with the time and date. Once the entry has been made, it cannot be removed or changed.

How Blockchain Works

The name ‘blockchain’ refers to the manner in which data entries are organized. Each entry represents a block, and these entries link together like a chain to create a traceable information trail. That structure is why blockchain is considered a trustworthy source of information.Because data cannot be altered on a block without also altering subsequent data blocks, other participants in the blockchain network will see any changes or discrepancies.Blockchain data isn’t owned by a single entity or computer, but rather exists across a network of computers, devices, and contributors. Making entries in the ledger requires a network approval, and blocks are automatically linked one after the other in the order in which they are added. This eliminates the potential for new blocks of data to be placed between existing blocks, which further supports the security and integrity of the data throughout the chain.

Use Cases for Blockchain Technology

Businesses across many industries can benefit from the transparency, integrity, and security that blockchain technology provides. One of its most common use cases is in making transactions with Bitcoin or similar currency. In this instance, money becomes traceable as it changes hands.Voting is another promising use case for blockchain. Historically, users had to be physically present to cast a vote. Though this may change in the upcoming election with more people championing mail-in votes, blockchain can add a layer of extra security to prevent voter fraud. It can provide clarity into who is casting their votes, digitize more of the process, and since the data is tamper-proof, it can make other voting alternatives more trustworthy.Right now, blockchain is being used in supply chain management systems, with Specright as a pioneer. Our SDM platform helps to improve product transport and traceability, as well as product authenticity and supplier reputation.Revisit our blog as we continue to talk more about blockchain in supply chain management systems, or download our ebook to learn more about Specright.

Explore More
Content
Visit 
No items found.
About 
Ayman Shoukry

Ayman is Chief Technology Officer at Specright, where he leads the product and engineering teams. Before Specright, Shoukry was part of the eCommerce platform team at Amazon. Before Amazon, he was CTO at HireRight, a world leader in background screening, where he was part of the executive team that drove the company’s successful exit. He began his career in the Microsoft Developer Division, where he spent over 15 years in various leadership positions. He holds a master’s degree in software engineering from the University of Newcastle in Australia and an undergraduate degree in Computer Science from the American University in Cairo. He lives in Irvine, CA with his wife and two daughters.

The Countdown to Extended Producer Responsibility (EPR) is Growing Urgent
By 
With 
Katie Exum
4.13.2022
Wednesday
Listen Now
Managing the DNA of Packaging Specs Intelligently to Drive Cost Reductions and Business Efficiencies
By 
With 
Laura Foti
2.1.2017
Wednesday
No items found.
Listen Now
Explore More Topics
No items found.
Get Started
With Specright’s Solution Suite, you can digitize, centralize, and link your specification data to drive efficiencies, intelligence, traceability, and collaboration within your organization and across your supply chain network.
Get Started