| |DECEMBER 20228BLOCKCHAIN, AN EMERGING TECHNOLOGY FOR LOGISTICS & SUPPLY CHAINBy Bright P' Head IT, ICTSI South PacificDr. Bright is a Technopreneur helping Digital Transformation & Business Technology Innovation of Marine Terminals, Smart Ports & Logistics.he modern world is constantly changing. Innovations are introduced into various fields of human activity, which, on the one hand, orients people to continuous development, improvement of their knowledge, skills, competencies, mastering new activities in related sectors of the economy. according to the research the routine work is increasingly transferred to machines, and it requires creativity, the ability to critically evaluate the information for accuracy, and from the point of view of its logical integration in the current task. Today in the world there is a revolutionary transition from informatization of the main fields of human activity to their digitalization. In fact, the modernization of certain types of human activity with information and communication technologies, the digital transformation involves their qualitative transformation, a departure from the usual types and forms of activity to new, based on digital models and technologies. One of the effective technology or tools of the digital economy, which allows to provide all the necessary conditions and technological mechanisms that make it possible to form digital images on its platform, to fix transactions, is the Blockchain technology. Blockchain is a type of distributed, electronic database (ledger) which can hold any information (e.g. records, events, transactions) and can set rules on how this information is updated. `Blockchain' is rapidly becoming part of the technology vernacular.The following high-level definition provides a quick introduction to the subject: a) Simply put, a blockchain is a distributed ledger that provides a way for information to be recorded and shared by a community. b) In this community, each member maintains his or her own copy of the information and all members must validate any updates collectively. c) The information could represent transactions, contracts, assets, identities, or practically anything else that can be described in digital form. d) Entries are permanent, transparent, and searchable, which makes it possible for community members to view transaction histories in their entirety. e) Each update is a new `block' added to the end of a `chain'. f) A protocol manages how new edits or entries are initiated, validated, recorded, and distributed. With blockchain, cryptology replaces third-party intermediaries as the keeper of trust, with all blockchain participants running complex algorithms to certify the integrity of the whole.Blockchain technology has made significant strides in its development and widespread adoption in recent years, and there's no sign of it slowing down. The possibilities of blockchain technology are truly endless, and developments in recent years have taken us one step closer to a decentralized, trustless internet, transparency of transactions, and more including logistics and supply chain industries more than finTech and cryptocurrencies. Blockchain developments TExpert Opinion
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