Blockchain is not just the technology behind the digital payment system “bitcoin”. It might be the new game changer for supply chain management.
Technically speaking, blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While many users may access, inspect, or add to the data, they can’t change or delete it. In short: blockchain enables efficient, transparent and secure business transactions.
For supply chain management, blockchain has tremendous potential: A product’s origin and touchpoints could be tracked gaplessly across the entire supply chain. Tracking of orders, shipments etc. would be improved, and sharing information about production process, delivery, and maintenance of products with suppliers and vendors would become easier and more efficient.
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