Role of Block-Chain Technology for Supply Chain Management

Under this blog, we are going to discuss what do we understand by Blockchain technology and what are the unique factors that make it so unique.
If you already know about it then check this blog for many other interesting facts.

Blockchain is an emerging technology in real-world supply chain management.
It is emerging as a strong rival to existing technology,
The Best example is Bitcoin which was the earliest use case of Block-Chain technology.
The Blockchain network has no central authority.
The information present in it is open for anyone and everyone to see.
Hence, anything that is built on the blockchain is transparent by nature and everyone involved is accountable for their actions.

Why Blockchain gained so much admiration:

1. The Blockchain network has no central authority.
2. The data is cryptographically stored inside.
3. The blockchain is immutable, so no one can tamper with the data that is inside the blockchain.
4. The blockchain is transparent by nature that makes to track the data easily.

Supporting the Blockchain – Network, and Nodes:-

The blockchain is maintained by a peer-to-peer network.
The network is a collection of nodes that are reconnected with one another.
Individual computers that take input and function on them to get output.
The blockchain uses a network called “peer-to-peer network” which partitions its entire workload between participants, who are all equally privileged, called “peers”.
No central server now, there are several distributed and decentralized peers.

Why do people prefer to use peer-to-peer networks?

One of the main reasons for the usage of peer-to-peer networks is file sharing, also called torrenting.
If you use the client-server model for downloading, then it is usually slow and entirely dependent on the health and condition of the server.  Additionally, as we said, it is prone to censorship.
Moreover, under the peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out, you will have more peers to download from.

Who Will Use The Blockchain?

Currently, finance is the sector where Blockchain technology is used on a large scale. For example, The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at that particular moment, there was a huge demand for Blockchain developers.
The blockchain removes the middleman for these types of transactions. Personal computing will become more accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a “desktop”.
The most commonly used GUI under Blockchain is “Wallet” that people use to buy things with Bitcoin, and store it with other cryptocurrencies.
Transactions are closely connected to the process of identity verification. It is a fact to imagine that wallet apps will transform and evolve in the coming years to include other types of identity management.

What Blockchain is famous for:-

1. Smart Contracts.
2. Sharing Economy.
3. Crowd Funding.
4. Governance.
5. Supply chain auditing.
6. File Storage
7. Prediction market.
8. Protection of intellectual property
9. Internet of Things.
10. Identity Management.

Conclusion
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Thanks for reading…!!!
Pattanayak Engineering