Blockchain Technology. Blockchain provides a secure and decentralized database that can be shared across a network of multiple nodes (initiated in Bitcoin [23]). All nodes participating in this network will have the same copy of the ledger, which is maintained and secured through cryptographically principles, which among others are incorporated in so called consen- sus mechanisms. Consensus mechanisms are used to agree for the same copy of the ledger between the nodes. Blockchain technologies provide benefits to a network, such as decentralization, transparency, and immutability. Thus, many application fields are considering the integration of blockchain to optimize their overall state of the system. Despite its benefits, blockchain is also facing some limitations regarding the ineffi- ciency and untrustworthy features of existing consensus mechanisms. The existing drawbacks are solved by a newly introduced consensus protocol in [16] called Trust- Consensus Protocol, which is integrating trust elements in all steps beginning from sending transactions, selecting the block creator, validating the new block, and re- xxxx/punish the participants for their behavior. A detailed description of this novel pro- tocol can be found in [16]. The Trust-Consensus Protocol is not only used to improve the blockchain functionality, but also to improve several aspects in a service and trust management platform (also described in the next subsections).
Blockchain Technology. A blockchain is an immutable distributed ledger that records transactions between peers in a network using cryptographically bonded blocks of data. The distributed ledger system (blockchain) is designed so that all participants can access and update accurate records of all transactions. Each node in the network is given a copy of all transactions and is responsible for verifying and approving them. Therefore, a confirming authority at the centre is unnecessary. The term "blockchain" was coined to describe the interconnections between financial transactions that occur in different "blocks" (Soundarya, Xxxxxx & Dhanalakshmi 2018). The pharmaceutical sector places a premium on reliable supply chains, fast transactions, and data security. Pharmaceutical business stakeholders regularly lose money due to theft and lost items because of insufficient tracking and tracing systems (Haq & Xxxxxxxx, 2018). As with other industries, drug and medical regulatory authorities have found inferior and fake items in circulation. Therefore, many companies in the pharmaceutical business have looked to implement blockchain technology to harness processes and expedite tracing and tracking, medical transactions, and patient safety in response to malpractice and poorly functioning supply chains (Xxxxx, Wu & Long, 2018).
Blockchain Technology. The Platform will be based on a blockchain technology. The blockchain technology used by the Platform is an open source blockchain developed by Hyper Ledger (xxxxx://xxx.xxxxxxxxxxx.xxx/) (the "Blockchain Technology"). The Blockchain Technology is a so-called private blockchain which may be accessed only by persons holding a specific license. A license for the use of the Platform shall be granted to the Business Partner. Such license may be granted exclusively by WeCanGroup.
Blockchain Technology. You acknowledge and agree that the Platform and related products and services accessible through the Platform are based on blockchain and other web3 technology which is an emerging technology and subject to a variety of risks that may affect any business venture or project utilizing such technology. Under no circumstances shall Terra be liable to any claims, damages, losses, or liabilities resulting from any assumed risks of using any such technology including but not limited to the following risks: • The application of blockchain technology is novel and untested and may contain inherent flaws or limitations. Services related to blockchain technology, including that associated with web3 is an emerging technology that offers new capabilities that are not fully proven in use, and the longevity and continued adoption is unknown. • The values of any digital assets, in particular non-fungible tokens, are subjective. The potential value of any digital assets created or otherwise sold as a result of the Services are subjective in nature and no party can guarantee that any digital assets’ value shall be maintained or realized. • Regulatory uncertainty. The regulatory regime governing blockchain technologies, non-fungible tokens, cryptocurrency, and other crypto-based items is uncertain, and new regulations or policies may materially affect the Services, Deliverables and/or other digital assets, including the utility of any of the same. • Distributed ledger technology risk. There are risks associated with using Internet and a distributed-ledger or other blockchain based products, including, but not limited to, the risk associated with hardware, software, and Internet connections, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to your digital wallet or account. • Digital asset risks. There are risks associated with selling or licensing digital assets through peer-to-peer transactions, including but not limited to, the risk that items are vulnerable to metadata decay, bugs in smart contracts, and items that may become untransferable.
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