Innovation in logistics and supply chain management: Blockchains interconnecting value
“data is becoming a new asset class—one that may trump previous asset classes.” ― Don Tapscott
In the simplest of terms blockchain technology is simply a database. Yes, a database! And what do databases do? They store information.
Simple.
If it is that simple then what is all the hype about? Well, blockchains are no ordinary database but a decentralized one that creates a recording history of interactions or transitions that cannot be altered, at least not easily.Whats makes blockchains so interesting is that provides two seemly contradictory functionalities – data security and data transparency – at the same time. This to my mind is most clearly demonstrated in the use of blockchains in managing supply chains.
Whats makes blockchains so interesting is that provides two seemly contradictory functionalities - data security and data transparency - at the same time Click To TweetBlockchains are often associated with cryptocurrencies, the most famous of all being Bitcoin, however blockchains are much more than that. So much more. Again the management of supply chains provides a perfect example of the possibilities for the application of blockchain technology as an innovative to used to solve various challenges. Therefore:
You can think of blockchain as the “internet of value.” - Forbes: 14 Things Everyone Should Know About Blockchains Click To Tweetthe true scope of the benefits of blockchain technology is unlimited, and it could be one of the most remarkable breakthroughs in the supply chain in history. With a world that is becoming more connected on a daily basis, blockchain technology will inherently develop into a symbiotic relationship with the Internet of Things and today’s advanced logistics and supply chain management systems. – What Is Blockchain And How Is It Going To Benefit The Logistics Industry
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For more information on the connection between blockchains, the fourth industrial revolution and its impact on logistics and supply chain management please see my presentation below:
