In this article, read about a few crucial insights into blockchain smart contracts implementation in the supply chain that must interest supply chain managers of diverse businesses domains. Blockchain is a decentralized ledger which is distributed yet immutable.
It’s immutable so nobody can undo or overwrite once a transaction has been added to the blockchain, thus, making it almost tamper-proof.
Distributed blockchain. The ledger is not stored in a single location, it is duplicated in the blockchain by parties. Furthermore, blockchain is decentralized; the database does not have a central authority or administrator. It renders blockchain immune to interruptions, as there is no single point of failure.
In the end, blockchain is a ledger, a transaction record. Those transactions can be almost anything that can be recorded digitally, such as ownership names, attributes, transfers, places, conditions and statements, and more.
Such versatility makes blockchain supply chain management perfect where various parties meet, and paperwork is continuously exchanged.