We all need to understand the impact blockchain is having on industry and supply chains today. Not at all futuristic – it’s happening now -- but many people don’t have a clue what it is!
So, I encourage you to read an article entitled, Why Big Business Is Racing to Build Blockchains linked at the end of this short summary.
Even if the popularity of the Bitcoin and Ethereum disappears, businesses are avidly seeking blockchain technology. They can’t afford to not to! Why?
A blockchain is like a ledger but pours out intelligence beyond a ledger’s capability. Blockchain can track credits and debits; it can chain verified transactions into sequences of lists (or “blocks”). Using complex mathematical functions, it captures specific records of who owns what and when. It can verify integrity of data, store auditable records and transform contracts into programmable software.
But perhaps its largest skill is motivating rivals to cooperate by creating a common record everyone can access but no one controls. In other words, a blockchain keeps all parties honest. The article states, “Even if participants don’t trust one another, they can rely on the shared ledger they create through the transactional dance of their software. You don’t need honor among thieves—you just need a blockchain.”