Question: Read. Although much of the technological hype revolves around cryptocurrency, perhaps a more important sector resides in the underlying technology: the blockchain. The blockchain could

Read.

Although much of the technological hype revolves around cryptocurrency, perhaps a more important sector resides in the underlying technology: the blockchain. The blockchain could change many industries as we know them today. One of the most evident examples is the improvement throughout supply chains. Blockchain is a secure database that records all transactions and is spread across multiple computers. Essentially, it is a ledger that, by its public nature, makes it difficult to tamper with. This makes it safer to make transfers (of any variety) without worry of security breaches. Bitcoin and other cryptocurrencies use the blockchain to make online transfers of currency; however, the blockchain is also used in global supply chains. Retailers such as Walmart use blockchain to improve logistics and transparency. Walmart uses blockchain for more than 1.1 million of its items, tracking their journey from suppliers to store shelves. Companies are also using IBM's blockchain technology to improve their supply chains. For example, Maersk, the world's largest shipping container company, uses the technology to track shipping containers around the world, thus improving cargo tracking throughout its supply chain. IBM's blockchain more accurately displays all transactions in the ledger as it updates in real time and allows participants to see valuable information, including the location of the asset and who has it in their possession. Other companies employing IBM's technology are Kroger, Nestl, and Tyson Foods. Blockchain can be altered to fit different processes, participants, and types of networks. As it continues to rapidly grow, this technology could impact future transactions from online voting to goods that we buy and how we buy them.

Answer the following questions.

1. What are some ways that blockchain increases transparency in the supply chain?

2. How can blockchain be used as a tool to manage inventory?

3. What are some ways that you think different industries could use blockchain to improve the quality of their operations and products?

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