What does Attestation mean?
An official verification of something as true or authentic (Merriam Webster)
Traditionally, verifications have come from an officially designated source. That means the power to determine who can certify what is official and what is not is determined by a central authority.
Blockchain as a Decentralized Solution:
A properly specified blockchain for business use serves the role of providing contemporaneous attestations of data that the data (in its form as submitted to the blockchain) were accepted as valid, from the point of view of a neutral party.
All efforts to manipulate the data, subsequently, must be tamper-evident. Finally, it must be possible to retrieve the entire tamper-free record of attestations over time.
The rules of a blockchain are determined by the application. A blockchain application in its most simple form is a ledger.
Used in a Sentence:
When blockchains are properly specified for business or individual use, blockchain applications can serve as replacements for the attestations of central authorities and/or trusted intermediaries in many existing industries, as well as for all the future activities that will depend on the Internet of Everything.
Last Updated: March 21, 2021