BLOCKCHAIN: NEW TECHNOLOGY ADAPTATION

  The technology for storing digital records that underlies bitcoins and other cryptocurrency networks is a potential game change in the financial world. But another promising area is supply chain management.Blockchaincan significantly improve supply chains, providing faster and more cost-effective delivery of products, improving product traceability, improving coordination between partners and helping to gain access to finance. 

     Blockchain is a distributed or decentralized ledger, a digital record system, and you can also schedule automatic transaction initiation. For cryptocurrency networks dealing with the replacement of optional currencies, the main function of the blockchain is to provide an unlimited number of anonymous components. 

      In this way, theblockchainreduces, if not completely, the type of execution, traceability and coordination issues we discussed. Because participants have their own separate copies of the blockchain, each party can see the status of the transaction, identify errors and hold counterparties accountable for their actions. 

          The blockchain, sometimes called DLT (Distributed General Ledger Technology),

makes the history of digital devices unchanged and transparent through decentralization and cryptographic clipping. A simple analogy for understandingblockchaintechnology is Google Doc. When you create a document and share it with a group of people, the document is distributed rather than copied or forwarded.

This creates a decentralized distribution chain which gives everyone access to the document at the same time. No one is blocked waiting for changes from other sources, while all changes to the document are recorded in real time, which makes thechanges completely transparent. Blockchain is a particularly promising and revolutionary technology because it helps reduce risk, eliminates the need for fraud and provides scalable transparency for potential applications.  Blockchain comprises of three important concepts: blocks, nodes, and miners. 

1. Blocks

Each chain consists of multiple blocks and each block has three basic elements:

• The data in the block.

• A 32-bit integer called nonce. The nonce is randomly generated when a block is created, which then generates a block header hash.

• The hash is a 256-bit number attached to the nonce. It must start with a large number of zeros (i.e. be extremely small).

1. Miners

Miners create new blocks in the chain through a process called mining.

In the blockchain, each block has its own unique one-time number and hash, but it also refers to the hash of the previous block in the chain, so extracting the block is not so easy, especially in large chains.

Miners use special software to solve the incredibly complex mathematical problem of

finding a one-time number that generates a received hash.

1. Nodes 

One of the most important concepts in blockchain technology is decentralization. No

computer or organization can own a chain. Instead, it is a distributed register through

nodes associated with the chain. Nodes can be any electronic devices that support

copies of the blockchain and support network operation.

IIMT COLLEGE OF POLYTECHNIC,has been training its students, to learn and adapt

its technology sessions. 

There is plenty of room to improve the supply chain in terms of end-to-end monitoring, speed of delivery, coordination and finance. Blockchain can be a powerful

tool for fixing defects, as proven by the companies we monitor. It is now time for external supply chain managers to consider blockchain potential for their company.