You don’t have to venture anything for gaining anymore! (part1)

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Blockchain is at the cutting edge of technology and has all the makings of a big revolution. Blockchain could mark a watershed in the future of technology and have many parallels with IoT, Artificial Intelligence, Crowdsensing, and other technologies. Blockchain-based systems will cause a revolution in working practices too. Blockchain in the supply chain is not a newly acquired one, there is a plentiful supply of goods that have been supported by blockchain. But what is the reason for wanting to use this technology?

First of all, let’s start with the birthplace of blockchain technology. It all goes back to 2008 when the article “Bitcoin: a peer-to-peer electronic cash system” has been written under the pseudonym ‘Satoshi Nakamoto’. This white paper set the basis for the development of Bitcoin, the first cryptocurrency that allowed reliable financial transactions without the need of a trusted central authority, such as banks and financial institutions. [1]

The key feature of a blockchain is its ability to keep a consistent view and agreement among the participants (i.e. consensus)[2]

Until now and to the best of my knowledge there are some consensus mechanisms like:

Proof-Of-Work(POW)

Proof-Of-Stake(POS)

Delegated Proof-of-Stake

Other consensus mechanisms include Proof of Elapsed Time (PoET), Simplified Byzantine Fault Tolerance (SBFT), and Proof of Authority (PoA).

But what a consensus mechanism has to do with supply chain processes?

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