Blockchain—the technology that underpins the much talked about cryptocurrencies such as Bitcoin—has had a roller coaster ride over the past 18 months. Not too long ago, blockchain was being touted as the newest, most disruptive technology to arrive on the scene. Now, analysts are talking about the failure of blockchain and questioning its long-term viability. So, which is it?
Blockchain is a decentralized, distributed and permissioned digital ledger (database) that records transactions in a way that any record cannot be changed. From a supply chain perspective, blockchain provides a shared, trusted data platform that can increase visibility across the supply network.