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HomeSupply ChainFive Applications of Blockchain Technology for a Digital Supply Chain

Five Applications of Blockchain Technology for a Digital Supply Chain

Technological developments and digital commerce are gradually disrupting procurement, logistics, and supply chain. With rapid technological revolutionize around the world, the organization is facing rapid change in the way the business is being conducted.

Blockchain Technology not just apply to the immediate context of currency and payments (Blockchain 1.0), or to contracts, property, and all financial markets transactions (Blockchain 2.0), but beyond to segments as diverse as government, health, science, literacy, publishing, economic development, art, and culture (Blockchain 3.0), and heterogeneous forest network (Blockchain 4.0). Like any new technology, Blockchain technology is an idea that initially disrupts.

Key Features of Blockchain Technology

1. A Blockchain record cannot be controlled by a single entity
It needs to take control of more than 51% of all the networked computers controlling the Blockchain to amend the record. 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.

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Tea Min Lyn, GDSCM
Tea Min Lyn, GDSCM
Tea Min Lyn has substantive years of experience in supply chain planning and purchasing, specifically in the industrial sector. She holds an Honours Degree in Business and is a member of Singapore Institute of Purchasing and materials management (MSIPMM). Min Lyn completed the Graduate Diploma in Supply Chain Management (GDSCM) course on October 2018 at SIPMM Institute.

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