First, bitcoin has been characterized by high uncertainty and price swings since its entrance to the banking system in 2009. In a recent NBC News interview, Secretary Of The treasury Janet Yellen stressed the importance of overseeing any institution regulating bitcoins or investor protection because it is an “extremely speculative commodity.” Despite its lack of oversight and susceptibility to scams and illegal dealings, a combination of social insulation and publicity stunts has helped it gain credibility among investors and shareholders.
However, bitcoin is made possible through the innovative blockchain technology that underpins everything. The symbiosis among bitcoin and other cryptocurrencies is evident that it’s simple for people to mix them up. To put it another way, bitcoin is meaningless without the blockchain. A digital trace is generated on a public ledger for each blockchain network. The individual’s identity behind the bank transaction is coded and retains confidentiality, even though the transaction is accessible and available. As transactions are entered into this blockchain, a continuous “chain” of secret and pay nationally is created.
Though digital currencies are by far the most possibly the best applications of blockchain technology, other applications, particularly for supply chains, are gaining popularity. Supply chain interruption is a crucial danger that significantly affects an operational business and bottom line, as shown by Covid-19. This is especially true for companies that run very complicated and international supplier relationships with many intermediaries. The tiniest hiccup in manufacturing will trigger massive disruptions in supply chain processes, causing lead times to fluctuate, resulting in shortages even money becoming tied up in excess inventory.
Also, for the most overexpressing tools, information silos, inconsistent procedures, needless paper trails, misunderstanding between parties, and untraceable records and actions are all possibilities. Integrating all technologies and processes across vendors, distributors, producers, financial agencies, logistic companies, and nations to share a common language will be needed to standardize the whole supply chain network. Essentially, at any phase of the procurement method, certain actors will be expected to integrate the same repository, which is highly inefficient.
This dilemma is solved by blockchain, which significantly improves supply chain transparency and traceability across a complicated supply chain network. Both entities will have protected and unified records on the blockchain, as well as a clear explanation of all decisions made in real-time through end-to-end supply chain operation. As a result, executives will track any single aspect of manufacturing and financial transactions, detect any bank that provides, and move quickly to avoid any threats that might trigger disruption.
Usage in Covid Vaccines:
The introduction of Covid-19 vaccines is in full swing since the FDA approved the first immediate use of the Merck Covid-19 Vaccine in the United States in December 2020. As a result, decision-makers have rallied together to ensure that the vaccine is accessible to any adult in the United States before the end of summer 2021. By the end of 2021, the Ministry of Health has launched a global plan to provide all countries with rapid and equal opportunities for 2 billion Covid-19 vaccine doses. This also plays a very important part in bitcoin technology in 2021.
The use of advanced technologies to facilitate vaccine logistics is critical in this colossal undertaking. Lack of reliability, traceability and real-time knowledge coordination are both obstacles in the vaccine supply chain. “One of the main issues right now is I can’t tell everyone how much vaccination we have,” says CDC Director Rebecca Walensky, “and if I can’t even tell you, I can’t tell the senators, and I can’t. Tell the local health authorities.”
The use of blockchain as a solution to the conflict is a viable option. In reality, two laboratories in the United Kingdom have already been confirmed to be using blockchain to improve vaccine supply chain transparency by tracing thermally Covid-19 vaccinations and coordinating data for actual status alerts on deliveries and administration deliveries.
Bitcoin is being implemented in the food sector to improve traceability and reliability to lessen inventory leakage by monitoring the origins of contaminated food from field to manufacturing to sale. Since 2019, Walmart or Sam’s Club have made it a commercial standard for vendors to use IBM Network as one of their total production costs, allowing for open knowledge to flow between different brands in the supply chains. Nestlé or Tyson Foods are two other companies in the food sector that are using IBM Technology.
