Digitising data: How influential will blockchain be on logistics in the future?
Supply chains were, historically, relatively short and local. As they became global and more complex, spanning hundreds of stages, with a significant number of invoices and payments, often across numerous geographies, they also became more time consuming and costly to process.
Blockchain, a highly transparent and efficient technology, has the potential to positively impact the supply chain and its management, from point of origin to the place of distribution.
What is blockchain?
Blockchain was created in 2008 to serve as a ledger for transactions of the cryptocurrency Bitcoin. Blockchain is an open, distributed ledger capable of recording transactions between multiple parties efficiently in a verifiable and irreversible way.
As the name suggests, the ledger has blocks of information that are chained together in chronological order.