Blockchain is an incorruptible digital ledger where financial transactions or anything of value can be recorded. Information held on a blockchain exists as a shared and continually reconciled database – this means records kept are public and verifiable, and that no centralized version of the information exists that hackers can change. For example, in supply chain management, blockchain technology offers the benefits of traceability and cost-effectiveness where a blockchain can be used to track the movement of goods, their origin, and quantity.
Want to learn how blockchain could impact the manufacturing industry? Check out our post, The future of manufacturing – do businesses see a home for blockchain?