Blockchain: What It Is and How It Can Help Manufacturers

Building better, smarter, and more secure supply chains

How do you know if your election vote is really counted? How do you know the person you’re chatting with online really is who they say they are? And how do you know if a product you purchase has really met quality standards?

These three scenarios may not seem like they have much in common, but there is a common thread: blockchain, a decentralized, open-source ledger that could hypothetically be applied to each to give you the certainty you want in each situation.

The business value-add of blockchain is projected to grow to more than $175 billion by 2025, and exceed $3 trillion by 2030, according to Gartner, a leading global research firm. But do you really know what blockchain is? Before delving into its benefits for manufacturers, here’s an explanation of blockchain.

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Blockchain Beginning

I have been hearing "Blockchain" in the context of cryptocurrency and govenment operations for some years, and I get the concept. What eludes me is the genesis of the chain. Any chain begins with one link and, maybe I am missing something, it would seem logical that the blockchain must begin as one block. And, until that block replicated to multiple locations, be vulnerable. In my mind, as the chain grows it becomes stronger, more like chain-mail armor than a chain. But, chain-mail or chain, that first block seems to be a perpetual potential vulnerability.