Proof of concept trials to apply blockchain for authentication and security of supply chains has begun. Since these trials are proving to be successful, blockchain will eventually become the means to assure the integrity across the manufacturing value chain.
With blockchain, each step in the supply chain adds to the accumulated data and is stored in a “block” that all participants can view. New transactions are added as they occur to make a “chain.” Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Copies of this block of transactions are stored in multiple nodes. These blocks are compared to determine if one has been tampered with, and only the consistent blocks continue to be used.
This session will explore emerging applications for blockchain. Come with an open mind.