Understanding Properties and Value of Blockchain 101
- Immutability – data stored on the ledger is virtually impossible to tamper.
- Transparent – blockchains allow anyone with access rights to scrutinize the data.
- Auditable – every transaction in a blockchain can be traced.
- Fast settlement – no longer do you have to wait 3-5 days with weekends shutdown.
- Low Cost – previous overhead removed.
- More than Crypto currency altcoins – smart contracts, chain of custody, and supply chain data such as temperature recording just to name a few.
In 80 seconds, Sunny Lu the CEO of VeChain (VET), explains blockchain meaning in a video below. As a matter of fact, VeChain (VET coin) and VTHO token are two of the leading supply chain, smart contract altcoin cryptocurrencies. VeChain is made from two words: Verify Blockchain.
To understand the blockchain meaning. A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. Blocks form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.Wiki
In conclusion, block-chain powered supply chain management platforms, when implemented correctly, can enable increased efficiency, traceability, transparency, trust, and payment processing amongst partners that can provide a competitive advantage for the organization.
Gain a better grasp
Consider becoming a Certified Blockchain & Supply Chain Professional (Blockchain Council). Not only does the Blockchain Council cover Blockchain & Supply Chain, they cover VeChain too. I took the certification and learned a lot about Blockchain in roughly 6 hours. For the price, it’s a good investment I thought. (Depending on your level of experience/desire to learn, of course)
Understanding the Value of Blockchain
For the customers and the companies, the value of blockchain are being realized by supply chains today.