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Blockchain is regarded as one of the revolutionary technologies that came to light with the advent of Bitcoin by Satoshi Nakomoto in 2009. Based on Distributed Ledger Technology, blockchain allows everyone on the network to view every transaction that happens, thereby providing transparency and immutability. among other advantages.
The implementation of blockchain in financial transactions has been numerous. There has been a surge in the number of cryptocurrencies that have sprung up based on the success of Bitcoin. Applications in the cryptocurrency world range from financial transactions on one side and entertainment on the other, and has cut across multiple industry domains.
On the other hand, the non-crypto-based blockchain has also gained popularity and the industry is seeing a lot of potential in adopting blockchain in real-life scenarios. In this post, we will look at supply chain management, which blockchain impacts in a big way.
Blockchain technology offers the following
- Immutability (secure from advertent/inadvertent hack or modification of data)
- Shared ledger (or record of transactions)
Due to the sharing possibilities of this technology, there exist numerous opportunities for logistics/supply chain use cases. Consider movement of a container of food materials from source to warehouse or warehouse to customer. The food materials are to be stored in a certain environment (temperature, humidity, pressure, etc.) constantly to ensure freshness.
In a conventional situation, the supplier (source) would store it in a place at a constant setting which may be monitored at all times. However, when the consignment is on the move, this may not be the case. How do all the stakeholders monitor or oversee the compliance with regards to storage and transportation?