Once the excitement over Bitcoin died down, the underlying technology began getting more attention. All the cryptocurrencies are created with blockchain technology. In the simplest of terms, blockchain is a coding process in which blocks of data, created by transactions, are linked together to create a chronological and secure public digital ledger.

It is increasingly studied as a means for increasing transaction security because the linkages across computer systems prevent people from making alterations. As is true for most sophisticated new technologies, the full impact of blockchain takes a while to understand. However, there is growing support for the belief that blockchain will have a significant impact on supply chain management.

There are many reasons for believing blockchain will become a standard technology in supply chains at some point in the future. It is a flexible, adaptable method for tracking and authenticating transactions. For business purposes (...