The popularity of bitcoin among the internet world spurred many to look at the underlying technology application. What makes bitcoin ungoverned, stateless and independent, a currency the world is so actively trading daily without regulation by any agency? Why are financial institutions so involved in using blockchain technology to develop integrated banking applications? Are there other business applications for blockchain technology? What is all this mind bending excitement about blockchain technology? Let us run though some of the facts.
Blockchain Technology for Supply Chain Management
1. A blockchain record cannot be controlled by a single entity
Incredible as it sounds, you need to take control of more than 51% of all the networked computers controlling the blockchain to make a “false” record. Now image if your network is a million strong computers, a seemingly impossible event. From a single computer, a request to add can only be processed, and also to view the current blockchain record.