Blockchain Navigates the Supply Chain

The supply chain is getting bigger and we are beginning to see an even greater intersection of blockchain technology and the supply chain.  

In its early days, blockchain had kind of a bad reputation for being an avenue for criminals to initiate transactions without being tied to an institution like a bank. But, in today’s digital world, we’re seeing a lot of very legitimate use cases for a decentralized, distributed ledger system.

If you don’t already know, a blockchain is a growing list of records that are linked together and stamped with important information like transaction data and a timestamp.

But what is the blockchain really? The Harvard Business Review definition: “It’s an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”

Despite its storied past, the blockchain is set to soar. Wintergreen Research, compiled a report for IBM, estimates blockchain markets are headed toward $60 billion worldwide by 2024. This is up from $706 million in 2017.

Another research firm, Grand View Research, anticipates the global blockchain technology market will reach more than $57 billion by 2025.

To read more: https://connectedworld.com/blockchain-finds-supply-chain-niche/