Cryptocurrency has gained center stage in recent months thanks to the soaring value of bitcoin and altcoins. The currency is a fairly new one, being in circulation for less than a decade uses block chain technology. But it has gained precedence mainly because of its highly favorable characteristics such as transparency in storage and its decentralized nature. These characteristics and the potential for wider range of uses across the industry have made it a highly popular form.
Block chain technology is a distributed ledger system that has found far more applications than just in the cryptocurrency arena. Developed primarily to provide secure financial transactions block chain has found immense benefit in several industries including supply chain management.
Revolutionizing the way industries conduct business
Block chain applications are endless. Industries are slowly waking up to the tremendous potential the technology can bestow. Health care, for instance, is a field that had embraced the technology early on and benefiting largely from it.
All medical history information of patients including gender, age, immunization, vital signs and more can be stored in a blockchain. The information thus stored is shared by various individuals without being able to identify any specific patient. Thus undue concerns regarding privacy breach does not arise. In case of connected medical devices, block chain can help connect data generated by such devices enabling better utilization of the information.
Supply chain management is another industry that benefits immensely by blockchain technology. The block chain ledger is apt for tracking goods across the supply chain. It can organize the tracked data and help in far dynamic ways. This is the reason for companies such as Syncfab embracing the technology and coming out with customized block chain integrated supply chain management services.
Unraveling complexity in supply chains
Supply chains thrive when they produce the appropriate product of the right amount and make them available to the end customer when needed. Rising costs, globalized base, technological advancements, and increased regulations make it difficult to manage the supply chain effectively. One of the key areas that block chain technology can transform in the supply chain is the streamlining of transactional data. Transparency is vital for all the different partners involved in the supply chain.
With block chain technology, it is possible to automate the entire supply chain process among partners without the need to spend on expensive and complicated core IT infrastructure. With data protection that block chain offers an industry can
- Forge a powerful connection with its partners
- Increase efficiency as all partners have access to information and hence can provide more input.
Besides these efficiency oriented transformations, the technology has the potential to usher in innovative forms of digital interactions. These can bring down operating cost and the complexity in making business sustainable. And it offers a highly secure transaction that cannot be tampered either deliberately or in error.
And the applications do not end here. The powerful traceability feature is very beneficial in other industries too. Real estate, energy, media are other industries that have leveraged the technology to improve efficiency and utilize data optimally lading to better growth and development.