Blockchain Technology in Logistics Software Development for Supply Chain Management

Nowadays, experts connected to the finance and supply chain industries are talking about the “Blockchain Technology and its impact on the industry.”

Why are they so much concerned about this technology? Is this technology going to bring a resolution in the supply chain management? Will this technology help making the logistics/supply chain management system secure and transparent?

So many questions are out there, and the users who are new to Blockchain development need answers to these issues. To help those users, in this article, we will put some light on the Blockchain Technology, its benefits, and if it is going to impact the logistics software development process.

Understanding Blockchain Technology and Blockchain Development

If you have ever used Bitcoin and wondered how it has been working in such an efficient manner while being secure and transparent, then you must say thank to “Blockchain development team” who has developed the Blockchain technology. It is the technology that has been used to produce the today’s most successful, virtual currency – Bitcoin. Nowadays, Bitcoin is being used across the globe. Some of the countries using this virtual currency include the USA and UK.  

With the success of this technology in Bitcoin, now experts are looking at its extended use in the logistics software development so that they can streamline the supply chain management system. Streamlining the supply chain management will help in reducing the fraud cases, increasing transparency, and making the whole process much faster than it is now.

As you can see, the implementation of this technology can bring many benefits to the logistic industry, let’s help you understand the technical aspect of this technology.

Technical View of Blockchain technology

This technology uses blockchain that can be defined as the distributed database that stores data records that are accessible to everyone, but nobody can tamper even a single record. A user who has access to the application developed using the Blockchain development technology can view the data, add a record into the database, but is helpless when it comes to modify or delete any data record.

In simple words, we can say that Blockchain is a system to keep records in a secure database that is impossible to tamper per personal benefits. Its purpose is to simplify the businesses with increased security and transparency while making it sure that any change or deletion can only be done with the consensus of the major participants involved in the development. A single person cannot modify or delete even a single block of the chain.

In terms of banking, we can understand the blockchain as a database holding all transactions from day 1 to today’s date. And, among those transactions, your personal record is considered a Block. You can login to your bank account, view your transaction, download your transactions, but cannot modify that block/transaction. Not even a bank representative has the rights to modify or delete your block unless there is consent from the top authority.     

Benefits of Blockchain Technology

Experts believe that this technology has already started to bring a storm in the logistics software development industry and supply chain management systems, and by 2020, it will be playing an important role by offering many benefits to the industry. Its top benefits include,

  • the increased transparency during the movement of products,
  • the enhanced scalability providing quick and easy access to the database from anywhere in the world
  • the improved security, which is an essential requirement of the logistics industry

Blockchain Technology in Logistics Software Development for Supply Chain Management

Nowadays, experts connected to the finance and supply chain industries are talking about the “Blockchain Technology and its impact on the industry.”

Why are they so much concerned about this technology? Is this technology going to bring a resolution in the supply chain management? Will this technology help making the logistics/supply chain management system secure and transparent?

So many questions are out there, and the users who are new to Blockchain development need answers to these issues. To help those users, in this article, we will put some light on the Blockchain Technology, its benefits, and if it is going to impact the logistics software development process.