Blockchain Technology

The Blockchain is an encrypted, distributed database that records data, or in other words it is a digital ledger of any transactions, contracts - that needs to be independently recorded. One of the key features of Blockchain is that this digital ledger is accessible across several hundreds and thousands of computer and is not bound to be kept in a single place.

BLOCK CHAIN TECHNOLOGY IMPACT

The modern supply chain continues to pursue extra cost savings, superior transparency, and efficiency in all processes. While huge, centralized systems have been created to manage the flow of goods and data, one problem still remains. The data can be changed from its original form, causing some to feel that the supply chain is not being fully transparent with the supply, manufacturing, and logistics processes. However, there is a new technology that possesses the potential to change how the supply chain communicates and operates — Block chain technology.