Basic things people should know on Block Chain Technology:
- It is a relationship between consumers and suppliers without third person intervening
- We can’t change data once it is posted
- Each transaction is called as block and it is known by each and every person in that network
- After this transaction will enter in to network chain
- Each and every transaction details are stored by block chain
- One bitcoin has to be used once you can’t use it twice as each and every thing stored
Bitcoin is digital currency and used for Money, Gold, and Properties transactions etc., 1 bitcoin = Rs 5, 50,407
- GOVT is taking part in this and doing research
Note: nobody has to right to use crypto currencies in our country, finance minister has announced
How block chain technology works and what is block chain technology?
It is a place where one can store their personal information and only he will have access to his information to share as it is built on block chain technology. This technology is still under development which creates revolution in many industries and markets.
- Block chain is distributed & decentralized crypto logically secured ledger, which contain transactional details in block. It is highly secured encryption works on Cryptology.
- The smart contracts could be any software based on block chain technology which is used fir secured transactions.
Developers in block chain technology
Use of blockchain technology is still in early stages but Ethereum project advertises itself as decentralized platform which runs on Block chain technology. There are 850 apps built on Ethereum platform. IBM is trying out with major global companies like Maersk on Hyperledger Fabric which is blockchain framework that provides a foundation for developing applications or solutions with a modular architecture. It was designed by IBM and Digital Asset as a technology to host smart contracts called “chaincode” that comprise the application logic of the system.
The future applications of block chain are endless, for implementing ledger in order to streamline management operations for which it is difficult to hack and corruption.
Impact of block chain in logistics sector:
The block chain technology is finding application in all domains let’s have a look on logistics sector. Due to many features many entrepreneurs are now eyeing at this technology to transform the industry and way of doing business. It will increase transparency in supply chain management.
Any business including the logistic industry runs on few basic requirements, the likes of which include:
The block chain is a distributed database which has all the information stored in chronological order. The information is stored in the form of blocks and is visible to all the people in the network.
- Transparency for the customer-The ultimate goal of any business to ensure transparency with the customers. With block chain technology coming into the picture, the customer can easily track the journey of the product before it reaches their hand. The entire chain of product manufacturing, packaging, supply, and delivery can be easily traced with the help of this technology. The idea is to sync Block chain with IoT like RFID, Tags, QR Codes, etc. Once the information gets stored in the block chain, it cannot be deleted. The customer can scan the QR codes, RFID and they can see all the information related to the product on their smartphone.
- Transparency for Auditor-Since all the history of transactions is sealed in the blocks and gets stored in the ledger, the auditors can easily verify and check it. They can easily understand where each product and items have gone.
- Security-Security is yet another important which block chain has to offer. Since all the information present in block chain is immutable and unalterable, there is the least probability for anyone to make any changes in the same. In case someone tries to do it, it will become easily visible to everyone in the network, owing to the public ledger feature of the same.
As mentioned above Port of Rotterdam is planning to undertake a two-year project to understand the scope and use of block chain in the logistics division.