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A blockchain is a decentralised, distributed digital ledger that allows the sharing of transactions between multiple nodes of a network. The blockchain technology was created to have a secure transaction exchange system.

This concept, created for the first time in 2008 by Satoshi Nakamoto, initially referred to the Bitcoin cryptocurrency, which is the virtual peer-to-peer currency without intermediaries, governed by algorithms. The concept of “block chain” emerges therefore in 2016, arousing great interest among companies.

There are many examples of this technology being used today, in the financial sphere with the implementation of smart contracts, but also in Manufacturing in order to optimise some processes such as supply chain management: it allows to improve end-to-end traceability of goods, reduce delays and automate record-keeping.

In the Food industry, the blockchain guarantees better food traceability; in the Fashion sector, it helps to reduce counterfeiting and to improve textile traceability. This technology is also adopted in the Healthcare industry, to verify the identity of patients and to keep track of their prescriptions.

From the definition of Blockchain, we can start to explore the most interesting aspects related to this technology. The applications are many, the potential is enormous, largely still to be explored.

Discover Oracle SCM Cloud applications for Blockchain

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