Q.1. What is Blockchain?
A.1. Blockchain is a digital database containing information that can be simultaneously used and shared within a large decentralized, publicly accessible network; information is secured by cryptographic hashes and is immutable.

Q.2. Why use Blockchain for Tracking Compliance?
A.2. Blockchains enable Tracking Compliance throughout supply chains in the following ways:
Trust based platform
Blockchains are known as ‘trustless networks’ as ‘smart contracts’ automatically update the ledgers and the various parties involved do not need to know or trust each other.
Consensus building
In blockchain technology the ledgers are updated based on a ‘consensus algorithm’. This is a system whereby a predetermined number of participants agree to update the ledger with new information thereby ‘decentralizing’ the trust in the data.
Transparency
On a blockchain all the entries are replicated onto all the nodes participating. This is the distributed ledger characteristic. Therefore, all members see all the data live. There is full transparency.
Monetization of Certification
A key feature of a blockchain is the data is owned by the members of the blockchain. Once there is a compliance certificate, for example, the owner of that cert can charge for it. Consumers who wish to see that data need to pay for it.

Q.3. How do I know if Blockchain is right for me?
A.3. Apply the following 6 criteria when deciding if you should consider a blockchain:
Conditions to be met for a Blockchain Strategy:
1. Is there a predictable repeatable process that can benefit from automation?
2. Is there a long running or ongoing transaction or process?
3. Are there multiple stakeholders participating in a value chain?
4. Does one particular party play the role of reconciling disparate data?
5. Is there an element of value transfer?
6. Is there a need for immutability?
If the answer to the above questions is ‘yes’ then you should consider using a blockchain.