Blockchain Technology: The New Internet Logistic Brain

Abstract

Everyone in any collaborative business or industry has been discussing how to tab on the blockchain technology. While we are still trying to get a grasp of concepts such as consensus algorithms and distributed ledgers, top-notch industry developers are expanding and strengthening blockchain technology with highly complex, promising and intriguing innovations. Blockchain technology becomes the new logistic brain of the Internet as it involves the creation of data "blocks," detailing actions for a given business transaction or actions, and such information is finalized and locked into a chain. The chain is only added to with each transaction, so the origin of transaction details, such as financial records, product details, and location, can be traced. Thus, all subsequent business transactions can be verified and tracked, enhancing transparency and visibility into the transaction. In addition, blockchains may be public or private, granting or denying access to the chain details based on authorization, so private information can be protected, while allowing addresses to authorized parties. The future of using the Internet as the supply chain is limitless with the power of blockchain technology.