How could blockchain change the everyday experience of purchasing, cooking and serving dinner? Think about this. Every ingredient of your dinner has a history. Blockchain allows you to see where these ingredients come from, how they were produced, and who handles them. At the same time, it also allows the producers to track where their ingredients are and how they are incorporated into finished products.
Small contracts built into this revolutionary technology also create new options for buying goods, including automatic recurring orders and naming your own price. Blockchain is very profound. In fact, many have already thought about business ideas where they can use such system. In fact, Steve Wozniak of Apple has already joined a blockchain firm. He is also convinced of the disruption that technology is creating in the supply chain industry.
The blockchain could challenge our assumptions of what makes commerce secure and reliable. It could transform the world for the next decade. If you have not considered the technology to be relevant to your business, you will risk being caught flat-footed as those who failed to see the potential of the Internet. So, why is the blockchain disruptive?
The blockchain removes the need for a third party to guarantee a transaction by combining powerful encryption with distributed structure. It coordinates agreements among partners and minimizes interference. It creates a highly tamper-resistant structure that makes almost all kinds of transactions secure and verifiable. In a word, it is a breakthrough that could reshape the entire digital economy.
In conclusion, the blockchain can create a formal registry to identify products and track their course through the different points of supply chain. It will allow internet-connected equipment to monitor the products they are handling and tag them according to temperature, location and other relevant environmental conditions. This provides assurance that the products were safely handled throughout their journey in the supply chain.