Unlike other buzzwords, ‘blockchain’ isn’t quite so self-explanatory, so – first things first. What is blockchain, and what does it do? To put it simply; digital information forms the ‘block’ part, and a public database is the ‘chain’. Put them together, and blockchain is a technology which can validate, record and distribute transactions in encrypted – but decentralised – ledgers. It was invented in 2008 to support bitcoin – a digital cryptocurrency which operates independently from a bank.
You’ve probably seen it in headlines, in articles and even dropped into the occasional business meeting. More recently, ‘blockchain’ is increasingly becoming paired with ‘supply chain’, as interest is beginning to build as to whether it has the potential to unlock untapped value in the supply chain and logistics industry.