Blockchain technology is a rising trend in the management of supply chain. More commonly known as the distributed ledger, blockchain technology is a shared, inflexible ledger for recording the history of transactions that is independent of a central authority, server, or data center.
This technology will power a new generation of decentralized transactional applications intended to establish trust, accountability, and transparency. Supply chain management is a prime arena for blockchain concepts because of the routine need among multiple parties to conduct business of a multi-enterprise nature along global value chains.
So what is blockchain? The term was created to describe a loosely combined set of technologies and processes, including middleware, database, security, analytics/artificial intelligence, monetary, and identity management concepts. This relatively new concept will see a great number of initiatives spearheaded over the coming years, and the majority will inevitably fail. This is to be expected as we attempt to integrate new a concept with the potential for influence that blockchain has. As the technology evolves, highly decentralized supply chain management functions, such as smart contracts or traceability and authentication, will benefit from innovations and breakthroughs in the form of efficiency improvements in transactions and interactions.
TECSYS and its employees are driven by innovation, and we look toward the future with a vision that does not have prebuilt boundaries. The creativity of our development teams uniquely positions TECSYS to leverage rising technologies and be a leader in supply chain management. Not only are we solving real-time, supply chain-centric business problems with state-of-the-art technologies, but our collaboration with global healthcare and complex distribution industries gives us access to an enormous collection of data that positions us at the epicenter of developing world-class technology solutions.
By joining the TECSYS team, you’ll have the opportunity to work at the ground floor level of emerging technologies such as these, and lead the way in solutions that will change the way we live and do business.