Block Chain Technology
What is Block Chain 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 blockchain, the blocks are formed, which store information, and its size is 1MB, the first block ever made is known as genesis block. Every block is connected to each other and work in rhythm.
- Bitcoin works on blockchain platform; they are not the same.
- *Cryptocurrency – a digital currency which uses cryptography for security
Block Chain Technology – Remake the Ways of Global Supply Chain
Block chain technology is leveraging the attention of logistics companies through its complex procedures involved in the arrangement of the deliverance from one point to other.
Block chain technology is an innovative procedure that distributes the digital information and makes use of digital currencies. The process to store the information in block chain is identical to the data storage 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 block chain and enough software skills to develop a business solution depending on the current needs as well as future aspiration.
Block chain technology has a potential to alter the operating models of the businesses for a long term. Sixth Sense implements the block chain technology in the following manner-
Automotive supplier payment-
Block chain technology permits the funds transfer anywhere in the world. The transfer of fund 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 less taxes.
Demands of tractability-
Each stage of production needs to know the product status. This can be tracked using block chain technology. The best part of this tracking is that they are stored permanently and can’t be changed again. The block chain is a dependable technology to track the sales of the products offered by your business to the consumers.
RFID tags are Radio Frequency Identification tags that are purposely used in global supply chain for storing the 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 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. Block chain technology supports cold chain monitoring and stores the readings of temperature and humidity on block chain 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 Marketing Pvt. Ltd. strives hard to build software with the integration of block chain technology to perk up the visibility of the value chain and upgrade the inventory levels.