What is Blockchain?

Blockchain is a digital ledger that records all transactions on a public distributed ledger. It is described as a "decentralized" database that allows all parties to track information without the need for third-party verification. The technology facilitates transparency and security and makes it difficult to compromise transaction records. Because blockchain is decentralized, it allows multiple parties to share Access to a single database while maintaining the security and privacy of their data. This eliminates the need for third-party intermediaries like banks or brokers that add costs to transactions.
Blockchain was originally developed for the cryptocurrency Bitcoin, but it can also be used for other purposes. Blockchain is being used to improve supply chain visibility, reduce fraud, increase trust between partners, lower costs and improve efficiency of operations among other benefits. The technology has also been applied to other industries including finance, real estate, healthcare, retail and logistics.

Blockchain Technology in Logistics

Blockchain technology and its use in logistics is a relatively new concept. But it's already revolutionizing the logistics industry.
Blockchain technology has the potential to transform supply chains and logistics by making them more efficient, secure, transparent and traceable. Blockchain can be used for all kinds of transactions, including sales contracts, delivery orders, financial settlements, or insurance premiums. This technology is also particularly well suited for tracking goods as they move through a supply chain — products can be tagged with identifiers that are recorded on a blockchain ledger as they move from manufacturer to distribution center to retailer or consumer.