One of Blockchain’s strongest points is data integrity. This is what makes it suitable for technology initiatives across a range of industries- healthcare, telecommunications, and energy and even manufacturing. Basically being a distributed series of data records, or blocks, linked together as a permanent digital ledger that incorporates transaction information and a timestamp. Once that data is recorded, it can’t be changed or compromised in any way.
Decidedly, Blockchain has huge potential in environments that track and monitor goods via sensor data. Think RFID tags on goods, but instead scanned and written to a Blockchain as they go from manufacturer to distributor to retailer. For manufacturers, that means exponentially more visibility, with access to a clear audit trail of who possessed an asset at a distinct point in time.
The convergence of IoT and Blockchain in the supply chain is already happening in retail. As organizations continue to rely on data to make critical decisions, Blockchain has tremendous potential to close the trust gap, create new services and disrupt outdated business models, making it a vital component of a rapidly changing IoT ecosystem.