From the course: Implementing Supply Chain Management
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Blockchain
From the course: Implementing Supply Chain Management
Blockchain
- Blockchain is a new technology that's quickly becoming important for supply chain professionals. When we talk about a supply chain, we're describing a network of companies that buy and sell things from one another. They interact through transactions where they exchange money, materials, and information. And we can track these transactions by recording them in a ledger. That's exactly what a blockchain is. It's just a way to keep lists of information and the transactions that occur between people or companies. But the way that blockchains store these transactions is unique. Once a transaction is added to a blockchain, it can never be changed or removed. It's immutable. And rather than storing data on just one computer, blockchains are shared and copied onto many different computers called nodes. When one of the nodes wants to add a new block to the chain, they need to get the other nodes to agree. This is a process…
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