With rapid technological evolvement around the world, organisation is facing rapid change in the way the business is being conducted. This leads to disruption in the employment market thus leading to re-training and adaptability to technological changes. This development is more evident in the supply chain and logistics Industry that covers Transport, Warehousing and Distribution Network.
We look into the major areas for using Block Chain Technologies (BCT) at various nature of business.
The diagram below shows the fundamental Block Chain Structure and represents a broader approach on Peer-to-Peer transaction approach without a middle man. There are multiple benefits for the application of Block Chain Technology.
Simplified Contractual Provisions
The Block Chain Technology embed with simplified contractual provisions. These are called Smart Contracts. These contracts are designed to specific business model or specific to peer-to-peer transaction exchanges, as shown in the diagram below.