a.i & blockchain

the advantages and disadvantages of blockchain in supply chain

Blockchain is a data storage technology that is decentralized, unchangeable, and secure. because blockchain data is decentralized and unchangeable, supply chain partners can trust the information they receive. end-to-end tracking is possible using this technique. all data in the database is automatically time stamped, including information that would normally be lost in a traditional supply chain system.

accenture has created a prototype that would allow permissioned blockchain authority to amend past transactions in unusual instances. banks, insurance companies, and other organizations that conduct millions of transactions per day could benefit from the technology. because there are lesser nodes so those nodes are known to one another, accenture claims the system is more secure than a decentralized system.

traditional databases handle transactions far faster than blockchain alternatives. the initial costs of deploying a blockchain technology can be significant. because certain supply chains process millions of transactions every day, sustainability must be carefully considered.

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