Some manufacturers are looking to the Blockchain to help solve vexing problems such as counterfeiting and product recalls. The Blockchain can provide a tamper-proof record of a product’s history, from when it is manufactured to when it is sold.
What is a blockchain, you may ask? It is best explained as a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the Blockchain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that are already spent elsewhere.
The Blockchain is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks, which requires the collusion of the network majority.
Blockchain technology allows untrusted parties to agree on a common history of events. Its use is incorporated in various applications, including healthcare, supply chain management, voting, and property titles.
- IBM is one of the leading companies exploring blockchain technology in supply chain management. The company has developed a blockchain-based platform called IBM Food Trust. The platform allows suppliers and retailers to share information about the food they sell. This includes product details, origin, and handling information.
- Microsoft is also exploring the use of blockchain technology in supply chain management. The company has developed a platform called the Microsoft Azure Blockchain. The platform allows businesses to develop and deploy blockchain applications.
- Walmart is using the Microsoft Azure Blockchain to track shipments of pork and produce. The company is also exploring using the Blockchain to track food safety incidents.
- Ford is using the IBM Food Trust to track shipments of auto parts. The company is also exploring using the Blockchain to track vehicle maintenance and warranty information.
- Porsche is using the IBM Food Trust to track shipments of sports cars. The company is also exploring using the Blockchain to track car usage and driver behavior.
Blockchain-based identification control help ensure that records are well attributed which is essential for statistics-pushed programs such as AI. As our global becomes increasingly digitized, the comfortable management of records is greater critical than ever. Blockchain-based identification management could help ensure that facts are correctly attributed and secure, which is crucial for statistics-driven applications consisting of AI. With a blockchain-primarily based machine for identity control, information could be much less likely to be manipulated or stolen, making it an extra comfortable and dependable source for AI.
More information in this Business901 blogpost, Four Ways to Use the Blockchain as a Small Business https://business901.com/blog1/four-ways-to-use-the-blockchain-as-a-small-business/