Blockchain-Technology

Blockchain and IoT are the two important technologies that are combining to increase efficiency, reliability and speed of global supply chain operations. The two technologies can provide major benefits to manufacturers, suppliers, logistics service providers and other stake holders of a supply chain. IoT devices can be used to monitor and track the status of goods throughout their journey in a supply chain and the information can be shared with a blockchain-based framework so that all the network participants can get access to the relevant data in real time. Blockchain and IoT working together can significantly speed up the movement of goods across borders that typically require voluminous paperwork and bureaucracy. That way, blockchain becomes more secure and efficient, cross border transactions become cheaper and fraud can be prevented as the distributed ledger of a blockchain is literally impossible to manipulate. Smart contracts to speed up payment cycle Blockchain’s smart ...

Have you wondered how the phone that you use every day, the clothes you wear or the cookies you order from your local bakery came from? Besides the shop from where you purchase them, there is a whole lot of interlinked elements of a chain that make it possible for you, and this interconnected chain is known as Supply Chain. And in today’s digitally connected marketplaces, there is increased demand for speed and transparency in supply chains to remain competitive. Blockchain can solve most of the issues of the traditional supply chain with its innovative features of provenance, immutability and trustless transactions. Blockchain can be efficiently applied to literally any challenge of supply chain industry including the complicated record keeping and product tracking. Blockchain in healthcare In healthcare supply chain, for example, blockchain technology can help in tracking the origin of a medicine package, right from the departure from the manufacturing until you consume it. T...

Blockchain technology has the potential of making every centralized process fully autonomous due to its decentralized nature and capability to store the information in an immutable manner. The technology can fundamentally change a variety of business processes that currently require trusted third parties, like banks or attorneys for their operations. One key advantage of blockchain over other ledger software is that it is programmed to be immutable, so no single stake holder can make changes to the data in the blockchain without other network participants agreeing to it. The information is stored over multiple blocks of the chain that are connected to each other with unique identifiers, and to corrupt the information in a blockchain, one will have to make changes in every block, which is impossible given the amount of time and effort needed for this. That’s the reason no blockchain had been hacked so far since its inception for over a decade now. Blockchain does not require powe...