Blockchain re-establishes trust on a massive scale.
To figure out if Blockchain can work for you, you’ll need to think of it in terms of its transactional value.
If you need to securely track, verify and record transactions automatically, without a third party, then this technology deserves your attention.
Blockchain’s main feature is that it doesn’t rely on a controlling database to store transactions or verify encrypted contents.
Acting as a shared, automated and distributed ledger, Blockchain has the potential to span global IT networks. It works by connecting, securing and validating transactions between thousands of companies.
Now, Blockchain is finding early success within supply chains where each block is connected sequentially.
It draws on the combined resources of your trusted business community. Your suppliers, distribution network and, potentially, your customers. They provide the processing power and automatically validate transactions.
The entire Blockchain is consulted when any data is changed. And, before the change is confirmed, a majority of blocks would need to verify it . This is the fundamental component of the trust the network provides. Whereas, a traditional network relies on a central function to authorise changes and control transactions.
Blockchain development has been compared to the early days of the internet. And, although there’s a compelling growth rate attached to it, Blockchain is still a very new technology with few established applications.
Blockchain could be the ideal method of management for vast amounts of secure transactional data between companies. And various established businesses have shown willing to give it a try.
Blockchain’s database is distributed between suppliers and customers, irrespective of their IT infrastructure. Each transaction is recorded by the system, creating a trusted record that is permanently secure. And this can be used to automate tracking confirmations across the supply chain.
Mobility Open Blockchain Initiative (MOBI) has been created to promote Blockchain usage in the mobility market.
This non-profit consortium aims to make mobility safer, greener, cheaper and more accessible. And they also link to governments, start-ups, academia, technology and consulting companies.
Blockchain is an alluring prospect to the growing number of companies investigating its potential within the supply chain.
The ability to make payments and streamline supply chain management, along with the potential reduction in paperwork, have made Blockchain a viable interest for some major Automotive manufacturers.
This technology is certainly one to keep an eye on as more use case data becomes available.