Since the unexpected Bitcoin value surge in late 2017 (1), cryptocurrency and its mechanisms have been widely discussed. Blockchain was at the center of attention in particular because of its multifaceted capabilities. The key elements of Blockchain are transparency and irreversibility. There is no middleman involved, so only the two parties associated with a particular transaction update the distributed ledger through mutual consensus. Common problems with traditional business ledgers is the lack of transparency and vulnerability to information tampering, which in turn can lead to corruption (3). Implementing Blockchain into a variety of industries and systems avoids these issues and is thus a huge benefit for aspects like the supply chain. With industry giants such as IBM and Walmart leading the way in Blockchain technology use, more companies will follow suit when they see the tremendous potential Blockchain holds for the future.
The main advantages to blockchain technology are four-fold: transparency for both the producer and consumer, scalability to allow modular technological growth, security, and increased specialization (4). With up-to-date documentation of every transaction without a third party being involved, costs associated with transactions will decrease and time is saved all whilst increasing accuracy.