Many of our clients want the blockchain future but are not ready to cross the rubicon today. So we create a meta-chain, or a local Merkle tree, that allows them to flip a switch when they are ready, and then they are writing on chain. So what is a Merkle tree?
From Medium: “A Merkle tree (hash tree) is an important part of blockchain technology. It is a structure allowing the secure verification of content. Bitcoin (#BTC) and Ethereum (#ETH) are the cryptocurrencies using the concept of the Merkle tree. The name is derived after computer scientist named Ralph Merkle, who patented the concept in 1979.”
“Merkle trees are built from the ground up. First, each individual transaction in the block is hashed. Second, each hash is then hashed again in pairs. A Merkle tree produces a digital fingerprint of transactions of a block. Nodes will verify the transactions. A trusted authority has to maintain an amount of data for verification. The amount of data can be reduced significantly using a Merkle tree. The validation of the data is separated by the Merkle tree, which resides locally. It can also reside on a distributed system.”
If you don’t fully get it, no worries – let us handle it, we use it to credential data from CRE & muni’s to make valuation transparent, trusted, & faster.