What is Consensus Algorithm

This chapter describes blockchains and illustrates this explanation using the results of a prototype project for an industrial application for a construction project. The chapter describes the application and how modular software components can be used to assemble a blockchain solution. The chapter concludes with a design of the system architecture. The background to blockchain technology includes a description of the evolving nature due to communal, open software consortia and an accelerated prototyping of systems. Four recommendations are made in the chapter. These include the need to form consortia for prototyping applications, encouraging government involvement, the need for engagement with the open software development community, and the suggestion that systems should be designed to support Lean production. A final section offers a range of discussion topics on the current state of the technology and where to expect area of increased interest. These are summarized in three areas: Lean management, Industry 4.0 and smart cities, and topics around privacy and security.