Examples of blockchain technology

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Content:

• Blockchain: The revolution that hasn't quite happened
• Blockchain Technology: 10+ Real-World Blockchain Examples
• Blockchain technology for supply chains—A must or a maybe?
• Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform
• 21 Amazing Examples of How Blockchain Technology Is Revolutionizing Everyday Life
• 30+ Real Examples Of Blockchain Technology In Practice

WATCH RELATED VIDEO: Examples of blockchain changing everyday life

Blockchain: The revolution that hasn't quite happened

Blockchain's buzz makes it sound like a panacea. Our supply-chain experts evaluate its real potential. Another day, another new technology to consider. This time it's blockchain, the technology that was created to support bitcoin transactions. According to its cheerleaders, especially in the financial sector, blockchain technology has the potential to turbocharge the effectiveness and profitability of most if not all businesses—or even upend business as we know it. In fact, say these early adopters, businesses that ignore blockchain technology do so at their peril.

Strong words, but how true are they? Does blockchain technology really apply to the supply-chain world? Can it solve your supply-chain problems and increase your profitability? These are some of the very practical questions we've been asked by supply-chain executives.

Our goals are to give you a clearer understanding of what blockchain technology is all about, and to save you the time of studying, testing, and assessing its value to your operations. Blockchain is an internet-based technology that is prized for its ability to publicly validate, record, and distribute transactions in immutable, encrypted ledgers. The technology was invented to support transactions in bitcoin, a digital cryptocurrency that operates independently from a central bank.

In essence, blockchain technology provides the platform for creating and distributing the ledger, or record, of every bitcoin transaction to thousands, if not millions, of computers linked to networks in all parts of the world. Because the transactions and ledgers are encrypted, blockchain technology offers more security than the banking model, and its instantaneous transmission via the internet eliminates banks' two- to three-day clearing process and accompanying costs for transferring money from one account to another.

The term "blockchain" is derived from the "blocks" of validated and immutable transactions and how they link together in chronological order to form a chain exhibit. Hence the term "blockchain. In essence, blockchains come in two dominant types. This distinction has important consequences in the supply-chain context. In most cases, today's supply chains operate at-scale without blockchain technology.

Even so, the technology has excited the IT and supply-chain worlds. It has also inspired many articles and prompted established IT players and start-ups to initiate promising pilot projects, including:. Yet to date, the authors are not aware of any at-scale applications to the supply chain, raising an essential question: Can blockchain technology add value to supply chains? Let's start with a reality check: As most practitioners know, many of today's supply chains have good data, which they are able to transfer across supply chain tiers at close to real time speed.

To assess blockchain technology's value at stake for the supply chain world, we looked at three areas where it could add value:. Produce is a good example of a complex supply chain where, occasionally, the parties are not always known, such as produce supply chains that source from thousands of growers and farmers, and move goods through multiple distribution points before they reach retail shelves.

As the goods often change hands, a permissionless blockchain is a valid solution for tracing and verifying the grower or farmer who supplied the produce. Walmart's pork traceability is a good example, with a huge number of pig farmers at its lowest tier of supply.

But, while Walmart may be one of a handful of companies that can drive this at scale, most supply chains need to assess the cost-benefits of investing in technology to collect and validate data from the lower levels. In adopting blockchain technology for its supply chain, a company must first decide on the type of blockchain it would need to build. Recall that the bitcoin approach is a permissionless blockchain populated with parties that are not known or trusted.

It resides in the public domain and uses a consensus verification protocol to establish trust in each block. There is no central database or central governance in these blockchains. Conversely, in most supply chains, the parties are known and trusted.

Moreover, the supply-chain world is unlikely to accept open access because its users don't want to reveal proprietary details, such as demand, capacities, orders, prices, margins, at all points of the value chain to unknown participants.

This means most supply-chain blockchains would need to be permissioned, with access governed centrally and restricted to known parties who may be limited to certain segments of data.

In theory, this approach allows public or private verification of each proposed block. However, we believe it is unlikely that we will ever see public verification of proposed blocks in the supply-chain world when all the parties are known. In shipping, for example, there are only a few known parties in the chain—including haulers, ports, customs, shipping lines—that are responsible for validating each block. When the number of trusted parties is small, the need to independently validate consensus protocols used in the public domain is limited.

In many cases, supply chains are already moving billions of transactions and data, often in real time. The systems are not perfect, and many supply chains have issues with data that is siloed, disparately formatted, difficult to access, or hard to visualize or analyze in the context of big data.

Even so, well-managed central databases with good data management, combined with supply-chain visualization and analytical prowess, can be achieved at scale today. These solutions do not carry the additional burden of some of the technical complexities that blockchain can raise see sidebar, "Getting technical".

Thus, we maintain that when all parties in extended supply chains are known and trusted, a blockchain solution is probably not needed, as these known and trusted parties can be relied upon to provide a single, real-time version of the truth.

In such a situation, centralized solutions like a cloud-portal, or decentralized peer-to-peer connections would suffice. Before blockchain becomes widespread in supply chains, several technical challenges must be overcome:. Generating standards. Despite the emergence of platforms such as Hyperledger used by IBM, Walmart, and Maersk and Ethereum used by BHP , no comprehensive supply-chain standards are in place for blockchain solutions or providers.

This means there are no definitive answers to questions like how to solve for consensus immutability on blocks, and which encryption technology to use; the absence of such standards would add complexities that could hinder, not help, the supply-chain world.

Our research suggests that blockchain technology may ultimately be a good solution for some types of supply chains, but it is not yet ready for mass adoption. We base this view on the following:. For supply chains where participants are not known or trusted, blockchain technology can add trust, transparency, and traceability.

Almost by definition, these supply chains are complex, multi-tiered, involve many parties, and they operate in a regulated environment that demands a higher level of traceability. However, for supply chains with known and trusted players, a centralized database approach is generally more than adequate.

This does not mean that all these supply chains currently follow a true end-to-end approach, and in fact, many of them use siloed databases that contain data with only limited traceability.

Thus, many of these supply chains do not need blockchain technology to solve such issues, as they can leverage existing technologies that are better suited to their high-volume transactions, either on their own or with partners. It's too early to estimate the costs of operating blockchain technology in the supply-chain world, and compare them with other technologies.

No doubt, IT companies will be at the ready to provide this information. However, the value proposition must be clear. What are the internal transactional efficiencies? What is the potential cost in end-product failures, recalls and litigation?

Would a consumer pay more for a product that offers transparency throughout its supply chain? These types of questions should be asked when considering blockchain for use in supply chains. A number of companies are exploring the benefits of leveraging blockchain technology in adjacent areas, such as introducing smart contracts, bringing more rigor to purchase order payments or demand chains where "real demand" signals can propagate the upstream supply chain faster. While we salute the power and the promise of blockchain technology, we advise the supply-chain world to take the time to measure its suitability against other, possibly simpler, and less costly technologies.

Never miss an insight. We'll email you when new articles are published on this topic. Skip to main content. Blockchain technology for supply chains—A must or a maybe? We strive to provide individuals with disabilities equal access to our website.

If you would like information about this content we will be happy to work with you. Sidebar A complex supply chain of unknown parties Produce is a good example of a complex supply chain where, occasionally, the parties are not always known, such as produce supply chains that source from thousands of growers and farmers, and move goods through multiple distribution points before they reach retail shelves. Sidebar Getting technical Before blockchain becomes widespread in supply chains, several technical challenges must be overcome: Generating standards.

Increasing data accuracy. Better data is essential, but problematic in supply chains. The bitcoin blockchain is comparatively simple. To verify a proposed bitcoin block, the parties need only view a few previous blocks to determine if there are sufficient funds. In a supply chain, actions often involve significant processing, with each step involving the collection and monitoring of fairly big data sets.

Offering more than just speed in verification. Years ago, it took five to seven calendar days to confirm a purchase order from an Asian vendor, a delay that impacted plans for weeks. E-commerce makes it possible to take an order, process and pass it to a distribution center in close to real time.

That progress leaves less room for blockchain technology to prove its value in verification. Managing volume. In bitcoin, validating blocks and storing the ledger requires huge amounts of computing power and energy.

But even a large, public network can process only around trillion transactions per second. This is actually minuscule compared to the projected transaction workload that supply chains require. And permissioned blockchains' capabilities still lag those of centralized databases, raising important questions about whether the scope of the data elements that permissioned blockchains can capture will be limited by available throughput capacity—which may not grow at the same pace as big data.

Deciding who will pay? Bitcoin pays "miners" to validate blocks, at a fee that is much lower than the typical bank's clearing charge. For blockchain technology to spread to supply chains, the value-at-stake must be able to fund the technology, its further development, and the distribution teams it requires.

Moreover, realizing value is complex; it's not a single, linear usage at each point in the chain. It's useful to remember that ocean freighters today continue to use manual, paper-based processes in part because they serve many purposes beyond those required for blockchain transactions. Something went wrong. Please try again later.

Blockchain Technology: 10+ Real-World Blockchain Examples

Written by Per Aarvik — Researcher and writer on applied digital technology for humanitarianism, development, governance and anti-corruption. Affiliated expert with Chr. Under the Covid pandemic, financial support is flowing in to strengthen health systems and purchase personal protection equipment PPE. Billions are being spent on medical preparedness, supplies and support. Yet validation of the price, quality, and origins of technology and equipment is often challenging.

Blockchain technology for supply chains—A must or a maybe?

While blockchain hit the mainstream and became a buzzword with bitcoin and other forms of cryptocurrency, its potential extends much further. By allowing digital information to be distributed and not copied, blockchain technology is gaining attention for its potential use in many industries. At its most basic, a blockchain is a time-stamped series of immutable data records that are managed by computers not owned by any single entity. Each block is secured and bound to the other using cryptographic principles, or the chain. The blockchain network is not governed by a central authority. The ledger is shared, unchangeable and open for all to see, increasing transparency and accountability. Before bitcoin, we were accustomed to centralised services, in which a centralised entity stores all the data, and you interact with that entity to get the information you need. Banks are an example of a centralised system. They hold your money, and the only way you can access it is through the banking services. Decentralised blockchain systems combat this by distributing information across the network.

Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

Blockchain is a technology that allows transactions to be secure and anonymous. In short, blockchain creates a true peer-to-peer secure transaction. Blockchain has two main jobs :. Take a look how Blockchain expands to these industries.

21 Amazing Examples of How Blockchain Technology Is Revolutionizing Everyday Life

Examples of blockchain in healthcare, retail, shipping, supply chain, banking, or any other industry share overlapping core benefits to reduce costs, boost profits, and deliver better customer experiences. Some say blockchain is another too-good-to-be-true fad. Rapid development of AI, machine learning, and the Internet of Things along with digital transformation and implementation of the Intelligent Enterprise have provided fertile ground for testing blockchain proof of concept across industries. Despite any remaining challenges and limitations to implementing blockchain, companies have invested in the technology to adapt and leverage its multifaceted potential for transformation, innovation, and security. Well, healthcare, in the U. However, many leaders in the healthcare industry are exploring blockchain and AI innovations to lower healthcare costs through increased efficiency and security of processes and the way information and data are managed.

30+ Real Examples Of Blockchain Technology In Practice

Blockchain technology is often used as a synonym of distributed ledger technology DLT although both are not the same. A blockchain uses several technologies, including distributed ledger technology, to enable blockchain applications. Blockchain technology is a form of distributed ledger technology. A blockchain is a distributed and immutable ledger to transfer ownership, record transactions, track assets, and ensure transparency, security, trust and value exchanges in various types of transactions with digital assets. Distributed ledger technology DLT revolves around an encoded and distributed database serving as a ledger whereby records regarding transactions are stored. At the core DLT is an innovative database approach with a data model whereby cryptography is utilized in each transaction update and verification become possible across the specific blockchain network, depending on its goal and stakeholders. A look at distributed ledger technology in practice and beyond cryptocurrencies — how blockchains and DLT work, industries, applications, evolutions, networks and the business reality.

In a blockchain, there is no mechanism to correct it - people have to accept it. Everyone is talking about blockchain, the new technology in the FinTech Industry. The concept of blockchain has energized the financial services industry globally. The concept has already brought a disruption in the financial industry.

Learn how three enterprises leveraged Venafi to manage their machine identities in the top three public clouds. Learn about machine identities and why they are more important than ever to secure across your organization. Bringing to life new integrated solutions for DevOps, cloud-native, microservices, IoT and beyond. Blockchain, blockchain, blockchain. Blockchain is how some crypto currencies such as Bitcoin keep an ongoing and ever-increasing record of monetary transactions. If you pay for something with the crypto currency or otherwise give some crypto currency to someone else, that transaction will be added to a blockchain ledger.

Blockchain is a new way of thinking about how we organize and utilize student and even faculty data online, providing them with a sense of ownership, ease of access, and immutability — and it just may take over the way we store education data in the future. Blockchain is a newer innovation in computer science, that has world-wide scale and reach, as well as interdisciplinary applications. It is destined to disrupt the global economy in the foreseeable future. In this community, each member maintains his or her own copy of the information. The information could be representative of transactions a currency or other unit , contracts agreements to move assets, funds, or information , or virtually anything else that can be put into a digital form. Blockchain is an emerging technology, with countless capabilities to affect every part of our lives, and the way we conduct transactions or keep records. Analysts see the potential for this technology to disrupt traditional methods of transaction, and data collection services, since blockchains are distributed, decentralized, and permanent pieces of information.

Blockchain's buzz makes it sound like a panacea. Our supply-chain experts evaluate its real potential. Another day, another new technology to consider.