A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
Blockchain technology has the potential to change the way we run companies! Among its most prominent benefits are data security and authentication, transparency and disintermediation. Right now, the technology is still in its infancy, but it has already found some impressive applications. Explore some everyday cases of blockchain implementation in different branches of industry.
Modern supply cycles have become increasingly hard to manage due to being highly fragmented, individualized and geographically dispersed. A blockchain application enhances visibility and transparency in the supply chain, as it allows the registration of each transfer on the ledger as transaction. Each transaction identifies the operator and party involved and provides additional relevant information, such as price, date, location, quality and state of the product. Once logged onto the blockchain, the data is immutable and as such prevents fraud and tampering with the information by any unauthorized party.