Skift Take
Blockchain has the potential to massively aid in identifying issues along a supply chain, but its real world applications are still being tested and validated, and large scale impacts still stand to be seen.
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It’s likely that you first heard the term “blockchain” in a context associated with cryptocurrency or someone using it as a buzzword to sound like they were being innovative. But the potential applications of this particular approach to documentation and recordkeeping aren’t limited to digital currency, nor should they be.
For the uninitiated, blockchain, also known as Distributed Ledger Technology (DLT), is, at its core, a shared, digital public record of activity. A “block”, or piece of digital information, is verified and added to a “chain”, creating a linearly and chronologically linked series. Editing a single block would, inherently, require editing all blocks that preceded it, which, based on the process through which each block is created, would be an incredibly challenging undertaking. And so the emerging technology of blockchain aims to record and distribute digital information that’s difficult to edit, making it
