What is Proof of Authority?
Proof of Authority (PoA) is a consensus mechanism used in secure digital ledger networks where transactions and block creation are validated by approved accounts, known as validators. PoA is often employed in permissioned-based DLT networks where the identity of participants is known and trusted. This mechanism is considered more efficient and scalable than proof of work (PoW), as it relies on a limited number of validators rather than extensive computational work.
Proof of Authority is suitable for applications where transactions need to be processed quickly and in a trusted environment, such as in supply chain management, where ensuring the integrity and speed of transactions is critical.
Related terms
Wood Products
Wood Products refer to a wide variety of goods derived from trees and forests, including lumber, plywood, paper, furniture, and other items made from wood fibres. These products are integral to numerous industries and everyday life, offering benefits such as carbon sequestration, renewable material, and versatility.
Proof of Authority
Proof of Authority (PoA) is a consensus mechanism used in secure digital ledger networks where transactions and block creation are validated by approved accounts, known as validators.
Risk Assessment in Supply Chain
Risk Assessment in Supply Chain is the process of identifying, analysing, and managing the potential risks and vulnerabilities within a supply chain that could disrupt operations, impact profitability, or harm the reputation of the business.