What does “transparent” mean in relation to blockchain? Are all blockchains transparent? To answer these questions I will have to point out some of the shortcomings with our current data systems.
Current data systems are for the most part “centralized” and controlled by the offering party. For example, if you sign up for a streaming service for video or music and pay the fee, all of that data is controlled, stored, and view-able only by the company or others who they give permission. The internal control of that information means that if it is manipulated, destroyed, or corrupt...how would anyone know?
On a blockchain such as Kala or Bitcoin, anyone can access the transactional information. This is why “transparency” is often associated and promoted as a valuable aspect of blockchain. Information is held in many locations so no one person or entity can manipulate or otherwise change it. All the differing locations must agree on the information held, and if they don’t the anomaly is rejected from the ledger. In the very simplest of explanations, this is the verification process that gives a decentralized blockchain integrity. The more data locations (nodes) used by a particular blockchain, the higher the integrity is because it minimizes the threat of collusion.
Are all blockchains transparent? Absolutely not. Some companies use the power of blockchain technology to handle data but are still an internally held centralized ledger.
Moving forward the Kala blockchain will be used for numerous transactions like payment and attribution. All of these transactions will be viewable to the public for the sake of transparency and the removal of doubt.
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