Blockchain Technology

Blockchain Technology

In today’s digital world everyone from a school going kid to homemakers to

professionals across the globe have access to the internet, a smartphone or

computer which is making digital security the biggest threat. Whenever a

person is on the internet, there is always this thought in mind asking “is

someone watching over my shoulder” and this is the threat everyone has

while using the internet. This vulnerability is experienced every time one uses

the internet either through a smartphone or computer/ laptop because today

banking has been made so simple that I don’t need to be in front of a

computer or laptop to carry out any banking transactions; It can simply be

done using my phone. The question is how secure are these banking

transactions that I make using my phone? To overcome this threat faced by

the digital world and the internet, a group of people known by the pseudonym,

Satoshi Nakamoto developed Blockchain originally for the digital currency,

Bitcoin.

The blockchain is an open, distributed ledger that can record transactions

between two parties efficiently and in a verifiable and permanent way”.

Blockchain allows digital information to be distributed over the internet without

it being copied, this transformed or became a backbone for a new type of

internet. So in simple terms, blockchain is like a huge decentralized ledger,

where information can be sorted and accessed by anyone and everyone on

the internet, or in other words, information is stored in a secured network in

the form of blocks that are identical across the network. The blockchain

network automatically checks in with itself every ten minutes like a self-

auditing system. The Blockchain network is typically managed by a peer-to-

peer network, collectively adhering to a protocol for validating new blocks.

Once a transaction is recorded, the data in any given block cannot be altered

without the alteration of all subsequent blocks and cooperation from the

majority within the network. Transactions once stored in the Blockchain are

permanent, they cannot be hacked or manipulated.

The world of supply chain, transportation and logistics never rests.. It is one

project after another. Years ago supply chain was simple because it either

involved limited products, individuals or entities, today supply chain and

logistics has evolved and can be extraordinarily complex spanning over

hundreds of stages, multiple locations, loads of invoices and payments,

involving several individuals and spreading over months. This complexity is

driving supply chain and logistics industry towards implementing blockchain

technology. The blockchain which is a decentralized distributed digital ledger

has many applications in the supply chain and logistics industry. It can be

used for any exchange from tracking (purchase orders, receipts, shipment

notifications, or other trade-related documents), agreements, contracts and

even payment. Since every transaction is recorded on a block and across

multiple copies of the ledger that are distributed over many nodes or

computers, it is highly transparent. The security is unchallenged because

every block links to the one before it and after it.

Today more and more supply chain and logistics companies are slowly

switching over to the blockchain technology simply because of a few reasons

mentioned below:-

• Better Freight Tracking – Most trucking companies invest

considerably in efficient tracking systems, but scaling these systems to

newer technology is proving to be difficult. With blockchain technology

none of these issues exist in addition, data contribution and

authentication can be done by the entire network.

• Smart Contracts – Smart contracts and self-executing tasks that are

coded using blockchain technology and executed when certain

conditions are met. Hence it completely cuts out the middleman, paper

work and unnecessary administrative functions, making it most

impactful and feature rich for the freight industry.

• Better Inventory Management – By recording the quantity and transfer

of assets as they move across or between the supply chain nodes and

by linking physical goods to serial numbers, bar codes, digital tags etc…

• Information sharing – Supply chain relies on accurate information.

When information received is not accurate it gives rise to increase in

cost and inefficiencies. Suppliers and vendors across the supply chain

are looking for accurate information, when manufacturing process

delays information the whole supply chain in the downstream gets

affected, with blockchain information can be passed across the supply

network seamlessly.

When it comes to logistics and freight, blockchain is ideal for tracking assets

making it helpful in transport management, meaning capture and review

shipment location, costs, security and conditions. According to Forbes, up to

65% of transportation executives view blockchain as driving forces behind a

culture of change. Fraud in supply chain is ever increasing from financial

abuse, theft to illicit transactions to name a few. Traceability and transparency

within supply chain is a major contributor to fraudulent activities, blockchain

eliminates this problem because data or information once stored cannot be

changed or altered without the consent of the majority with the network.

Industry experts feel there are too many unknowns right now; however they

expect a dramatic change in the coming days sooner than we might think as

blockchain delivers better security, excellent scalability, increased

transparency and enhanced innovation, overall establishing customer trust.

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