Blockchain Technology for Supply Chains
Blockchain is one of the fastest-growing technologies that underpin all that revolves around digital currency and forms of exchange. This technology has led to the development of digital forms of exchange like Bitcoin, Etherum, and Litecoin. This invention allows digital data to be passed from one place to another without being copied. Bloch chain technology is also described as an online or digital ledger.
There are several top blockchain establishments globally. These companies have several verified client reviews to make the top in the industry. The reviews are also critical in assisting clients in selecting trusted developers. FedEx is among the world’s largest logistics companies that adopted blockchain technology. It has a successful company to incorporate blockchain into its supply chain management. Others like IBM are shaping up to become the biggest companies in cryptocurrency by offering blockchain-related services to clients (Marr, 2018).
Several factors need to be considered before adopting blockchain know-how in supply in logistics and supply chain management. Firstly, it is quite challenging to embrace technology without looking for clients and convincing them to use the invention. Once supplies get convinced and see the value of the technology, it can be successfully rolled out. Secondly, the adoption of blockchain has, with time, been irregular. This means that there needs to be adequate learning because the cryptocurrency headlines have not been helpful enough.
There are two potential benefits of using blockchain supply chains. One of the most significant benefits is the idea of transparency. This is as a result of the archival recording of the several transactions. Secondly, when a transaction is recorded to a blockchain, it becomes immutable. This means that the information cannot be changed after that. This also makes the data secure.