How To Use Blockchain To Improve Supply Chain Transparency

April 12, 2023 ⚊ 1 Min read ⚊ Views 86 ⚊ NEWS

Components necessary for a blockchain-based supply chain include distributed ledger technology (DLT), smart contracts and consensus algorithms. DLT stores data on the blockchain, providing end-to-end visibility and traceability of products throughout the supply chain. Smart contracts are agreements between parties that are securely store on the blockchain, enabling secure payments between buyers and sellers without third party interference. Consensus algorithms facilitate agreement between network members about changes to data stored on the blockchain, so that all participants share an accurate version of reality.

Read details: https://blognewshub.com/how-to-use-blockchain-to-improve-supply-chain-transparency/

Tags: Bitcoin

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