Sustainable Development Through Data Analytics and Innovation by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9783031125270
Publisher: Springer International Publishing

(1) healthcare; (2) data management; (3) identification; (4) Internet of Things (IoT); (5) supply chain management (SCM) and tracking; (6) Smart contracts; (7) settlements and payments

However, despite the fact that financial calculations and tools (in particular cryptocurrency/bitcoin) were one of the first use cases of blockchain, the universality of the technology is demonstrated by a number of applications identified by respondents. This refers to data management issues, “Internet of Things—IoT,” Smart contracts, and so on. It was highlighted (10% of respondents) that logistics and SCM are rapidly evolving as a leading opportunity to deploy blockchain technology outside the financial sector.

In overall, blockchain is a digitalized, decentralized, public transaction book. What makes blocks different from other parameters is that every transaction is verified. An often cited property of blockchain like reaching “consensus” on transactions, eliminates the need for intermediaries and allows direct peer-to-peer transactions. This process is promising because it builds trust, minimizes the leakage of value into supply chain and creates a smoother playing field for competition.

Verified transactions are sent to an immutable ledger that is divided between enterprises/contractors in the supply chain. Each counterparty has a copy of the transaction log, so any change in any register will do it incompatible with others. This process makes it almost impossible to interfering into the transaction log (distributed ledger), since all participants can see all transactions. The blockchain thus provides transparency for all contractors in the supply chain.

Finally, smart contracts in blockchain technology provide governance by which the parties to this smart contract agree to interact with each other. Thus, smart contracts are the simplest form of decentralized automation in supply chains.

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