Incorporating Blockchain into Your Supply Chain
Blockchain is a powerful tool that can help you maintain a more transparent and accountable supply chain. Blockchain is a distributed ledger technology that allows for the secure storage of transaction data, which makes it ideal for supply chain management. This article will explain how this technology works and how it can help improve your business processes.
What is blockchain?
Blockchain is a digital ledger of transactions. That sounds like a pretty basic description, but it’s important to understand what this means in order to understand how blockchain can be used in your supply chain and why it’s so powerful.
Blockchain is a distributed database that is shared among many different parties and can be used to record transactions of any kind. The information on the blockchain cannot be easily modified or deleted because of its decentralized nature; there are multiple copies of each block in every computer connected to the network (known as nodes), so if one copy were tampered with, all other copies would still contain valid information about that particular block. Blockchain also ensures that all participants have access only to their own data–they cannot see other people’s records unless they have permission from those individuals or entities involved in these transactions.
How can blockchain benefit the supply chain?
Blockchain can benefit supply chains in a number of ways.
- It can help you track the movement of goods. Blockchain allows companies to track their products as they move through their supply chains, which is especially useful when