Currently, highly disruptive and modern technologies have emerged that have led even established organizations to rethink their strategies. With the implementation of long-standing data transfer technology, its widespread adoption and progress have had a major impact on supply chain processes and blockchain technology.
The development of blockchain technology resembles the early stages of Internet adoption, which was slower in the initial phase of the development phase due to the lack of knowledge of the technology and sufficient evidence to demonstrate its capability in a real-time scenario. In the year 2017 an exponential growth was observed along with a massive public interest due to bitcoin transactions. Its applications were widespread from intelligent contracts to corporate logistics, yet their full range of potential applications is unclear.
The integrated model of the supply chain and blockchain technology guides the technologies of the future with its ability to provide numerous solutions to different markets. Through the blockchain, the problems of trust that arise between two parties during the transfer of currencies will be eliminated along with providing a secure register for immutable transactions. During this process, cryptocurrencies like bitcoins will depend on the blockchain to make transactions.
The main limitation that occurs in the bitcoin transaction is its slower processing speed, in which it requires an average duration of ten minutes to implement a block and the maximum transaction of about seven transactions per second (TPS) is achieved through the process. But with the progress of cryptocurrencies, we see that Ethereum offers better performance with its processing speed of 20 TPS and IBM blockchain technology with 1000 TPS followed by a higher processing speed of 1500 TPS by Ripple Labs.
In recent years, several leading industries have transformed their business using block technologies. Banking, real estate and healthcare sectors are the most favored sectors due to the need to interconnect communications between individual groups. In the banking sector, the increase in daily transactions led to blockchain implementations for monitoring customer transactions and high-end authentication. Issues relating to the collection of documents and records in real estate transactions can be easily solved through the distributed blockchain platform. Because trust is the primary metric in healthcare, blockchain helps to transfer medical documents safely and accurately to authorized personnel.
With its omnichannel advantages, blockchain technology is introduced in numerous applications with the latest technological aspects. Furthermore, in order not to lag behind, corporate administrators should adopt an integrated blockchain approach to provide better and more efficient services to consumers.