Blockchain technology is being hailed, by many, as a digital panacea that has already had a major impact on sectors such as finance. This technology can be used in many fields not only in research but also in business.
Changing or adding information to the "chain" requires authentication of everyone on the network and this means that blockchain is extremely secure.
However, it is still being explored and the logistics sector is an area looking to exploit its power. Here we examine the fundamental principles behind blockchain and ask how blockchain technology is revolutionizing the logistics sector.
Blockchain is basically a digital ledger that is shared by a network of people around the world and grew out of work done in the mathematical discipline of cryptology. That is, the information stored in blockchain is encrypted.
Pharmaceutical giant Bayer is now working with Chinese crypto project VeChain on a blockchain-based medical supply chain and traceability program.
Applications for blockchain technology just took another leap forward when UPS and HerdX jointly delivered meat products using a blockchain-based supply chain system.
The use case for blockchain is notably pronounced in the financial services sector, as well as in technology-based systems. The integration of revolutionary technology into meat production and its supply chain opens the door to important new milestones. This blockchain-verified beef shipment was introduced by UPS and HerdX.
(Source: blockchain.news)
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