Any blockchain solution, no matter how prescient, is only as good as its execution. This is where Memnon Technologies excels—by offering proven expertise in managing complex Blockchain implementation programs from start to finish. What Memnon Technologies delivers: • Business and functional requirements • Design, development, testing and training of blockchain solutions • Integration and management of third party implementation partners • Rigorous PMO and proactive management of overall efforts What is Blockchain? Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing. A simple analogy for understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred. This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent. Of course, blockchain is more complicated than a Google Doc, but the analogy is apt because it illustrates three critical ideas of the technology: Blockchain consists of three important concepts: blocks, nodes and miners. Blocks Every chain consists of multiple blocks and each block has three basic elements: The data in the block. A 32-bit whole number called a nonce. The nonce is randomly generated when a block is created, which then generates a block header hash. The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes (i.e., be extremely small). When the first block of a chain is created, a nonce generates the cryptographic hash. The data in the block is considered signed and forever tied to the nonce and hash unless it is mined. Miners Miners create new blocks on the chain through a process called mining. In a blockchain every block has its own unique nonce and hash, but also references the hash of the previous block in the chain, so mining a block isn't easy, especially on large chains. Miners use special software to solve the incredibly complex math problem of finding a nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible nonce-hash combinations that must be mined before the right one is found. When that happens miners are said to have found the "golden nonce" and their block is added to the chain. Making a change to any block earlier in the chain requires re-mining not just the block with the change, but all of the blocks that come after. This is why it's extremely difficult to manipulate blockchain technology. Think of it as "safety in math" since finding golden nonces requires an enormous amount of time and computing power. When a block is successfully mined, the change is accepted by all of the nodes on the network and the miner is rewarded financially. Developments that Memnon Technologies are involved in: BLOCKCHAIN • Secure sharing of medical data • NFT marketplaces • Music royalties tracking • Cross-border payments • Real-time IoT operating systems • Personal identity security • Anti-money laundering tracking system • Supply chain and logistics monitoring • Gaming and Token integration • Voting mechanism • Advertising insights • Original content creation • Cryptocurrency exchange • Real estate processing platform