When many people hear the word blockchain, they immediately think about bitcoin and cryptocurrencies, conjuring up images of hackers and black markets. However, bitcoin is simply one example of an implementation of blockchain; a technology that can be used to create powerful new capabilities in the supply chain world. One of these is creating the supply chain serialization capabilities we urgently need to evolve our supply chains.
Let's review what blockchain technology is. A blockchain is a secure, digital ledger of data, organized in blocks that are linked together sequentially (hence the name). However, blockchain technology adds some key features to this digital ledger that open the doors to some amazing capabilities.
- First, it's important to understand that each link in the blockchain is completely secure and unbreakable. Once you add a link, it cannot be changed, moved, or deleted.
- Second, blockchains are decentralized and distributed. Parties can share data and execute transactions, with full security, without having to rely on any central authority or service provider to act as a clearing house.
- Third, the data on a block can be more than a simple ledger of facts—it can contain something called a 'smart contract.' Smart contracts allow you to put instructions on the blockchain for execution at a later date.
The main appeal of blockchain technology lies in its ability to create decentralized and immutable ledgers, networks that have no single point of failure, are maintained by multiple parties and whose transformation cannot be hacked or corrupted. This increases the security and transparency of all information that is stored on a blockchain across the life cycle of a transcation.
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- Methods for Utilizing Blockchain.
- Supply Chain Blockchain.
- Supply Chain Challenges.
- Always Available-A Shared, Distributed 'Source Of Truth'.
- Adding Autonomy with 'Smart' Contracts.
- Simplifying Smart Contracts Using Sensors & Internet of Things (IoT).
- The Future of Blockchain.
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