A Private Blockchain Implementation Using Multichain Open Source Platform

Abstract

The impact of digital transformation is becoming visible in every aspect of our lives. Digital transformation strategies mostly rely on disruptive technologies such as Internet of Things, augmented reality, artificial intelligence, and blockchain. Blockchain provides decentralized, immutable, and trustless database distributed across all participants and it was initially proposed as distributed ledger for digital cryptocurrency. However, besides in the finance sector, blockchain technology is considered to be a major innovation enabler in various industries. The paper describes an implementation of a private blockchain using the Multichain open source platform with possible application to agrifood use cases such as food tracking and tracing, product lifecycle management, and counterfeit prevention.