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
Chain of Custody
Chain of Custody (CoC) refers to the process of documenting and verifying the sequence of custody and control over materials and products within a supply chain.
Timber Traceability
Timber Traceability refers to the ability to track the origin and movement of timber and timber products through all stages of the supply chain, from the forest to the final consumer. This process involves documenting each step of the journey to ensure the legality and sustainability of the timber sourced.
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.