Presently, highly disrupting and modern technologies have emerged, making even established organizations to rethink their strategies. With the deployment of network technology for data transfer existing for long, its widespread adoption and advancement has heavily impacted on supply chain processes and blockchain technology.
The development of blockchain technology resembles the early stages of internet adoption, which was slower at the initial stage of development phase because of lack of knowledge about the technology and sufficient evidence to prove its capability in real time scenario. In the year 2017, an exponential growth along with massive public interest due to the bitcoin transactions was observed. Its applications were widespread from smart contracts to business logistics, and yet, their complete range of potential applications is unclear.
The integrated model of supply chain and blockchain technology leads the future technologies with its capability of providing numerous solutions to different markets. Through blockchain, the trust problems which arise amongst two parties during transfer of currencies will be eliminated along with providing secure ledger for immutable transactions. During this process, the cryptocurrencies like bitcoin will depend on blockchain to undergo transactions.
The main limitation that arises in bitcoin transaction is its slower processing speed, where it requires average ten minutes duration to implement a block, and maximum transaction of around seven transactions per second (TPS) is achieved through the process. But with advancement in cryptocurrencies, it is seen that Ethereum performs better with its processing speed of 20 TPS, and IBM blockchain technology with 1000 TPS followed with even more processing speed of 1500 TPS by Ripple Labs.
In recent years, several leading industries have transformed their business by leveraging block technologies. Banking, real estate, and healthcare sectors are most benefited industries due to their requirement of interlinking communication amongst the individual group. In the banking sector, increase in daily transactions has led to blockchain deployment for customer transaction monitoring and high-end authentication. The issues related to the collection of documents and records in real estate transaction can be easily solved through distributed blockchain platform. Since trust is the primary metric in healthcare sectors, blockchain assists in transferring medical documents securely and accurately to the authorized personnel.
With its omnichannel advantages, blockchain technology is getting introduced into numerous applications with latest technological aspects. Furthermore, to ensure not to fall behind, business administrators should employ integrated blockchain approach to provide better and efficient services to the consumers.