"Chain"ging Technology: Blockchain in the Supply Chain

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 (...

Read full article or Subscribe