Block Chain Technology

What is Blockchain Technology?

* In general terms, Bitcoin is a cryptocurrency used to transfer assets from the internet without the help of any 3rd party such as banks, PayPal, etc. It is decentralized, so no person, institution or bank controls the currency. It is a peer to peer asset transfer method.

* Blockchain is another invention where every transaction is transparent and permanent. In the blockchain, the blocks are formed, which store information, and its size is 1MB, the first block ever made is known as the genesis block. Every block is connected to each other and work in rhythm.

* Bitcoin works on the blockchain platform; they are not the same.

* Cryptocurrency – a digital currency which uses cryptography for security

Blockchain Technology – Remake the Ways of Global Supply Chain

Blockchain technology is leveraging the attention of logistics companies through its complex procedures involved in the arrangement of deliverance from one point to another.

Blockchain technology is an innovative procedure that distributes digital information and makes use of digital currencies. The process to store the information in the blockchain is identical to the data stored in the spreadsheets. Transparency, security, and incorruptibility are a few benefits of using this new technology advancement. It has a good impact on the retail business for product authentication and secured transactions along with better supply chain visibility.

This is why the majority of businesses are focusing to develop a software solution implemented with these types of technologies so as to enhance the efficiency of the business partnership and profits. It is recommended to seek software solution developed by one of the dominant companies such as Sixth Sense Marketing Pvt. Ltd if you want to have better visibility of supply chains. The company has developers having extreme knowledge of the blockchain and enough software skills to develop a business solution depending on the current needs as well as future aspirations.

Blockchain technology has the potential to alter the operating models of the businesses for the long term. Sixth Sense implements the blockchain technology in the following manner -

Automotive supplier payment:

Blockchain technology permits funds transfer anywhere in the world. The transfer of funds is secure and quick. It is the principal innovations of Bitcoin to transfer the funds online following the Bitcoin protocol. The benefit of doing so is high-cost savings because it offers lower fees and even, charged fewer taxes.

Demands of traceability:

Each stage of production needs to know the product status. This can be tracked using blockchain technology. The best part of this tracking is that they are stored permanently and can’t be changed again. The blockchain is a dependable technology to track the sales of the products offered by your business to the consumers.

RFID-driven contracts:

RFID tags are Radio Frequency Identification tags that are purposely used in the global supply chain for storing information about products. These RFID tags are easy to read and then, automatically processed by the systems of Information Technology. Such tags store the information on the delivery location along with the date to serve for smart contracts for the small and big logistics department.

Cold chain monitoring:

You may know that the pharmaceutical, as well as food products, require a huge storage space such as warehouses. Blockchain technology supports cold chain monitoring and stores the readings of temperature and humidity on blockchain permanently. Also, a smart contract triggers the action to handle the situation if the storage solution deviates from its storage agreement.

The best thing is that Sixth Sense IT Solutions strives hard to build software with the integration of blockchain technology to perk up the visibility of the value chain and upgrade the inventory levels.