Blockchain Technology

Blockchain technology is used for huge amount of records known as blocks. These blocks are
distributed over a network of people known as nodes. Blockchain is also referred as Distributed
Ledger Technology (DLT) where each block is connected with the other using cryptography.

Each block consists of 4 basic things:

-a cryptographic hash of previous block

-a timestamp of transaction and

-transaction data

-Nounce is randomly generated number when block is created

As these blocks are linked together the blockchain are resistant to modify the data once recorded.
Any modification that has to be done in one block will affect the subsequent blocks.

Evolution of Blockchain:

In 1991, Stuart Haber and W. Scott Stornetta has already worked on cryptographically secured
chain of blocks whereby no one could tamper with timestamps of documents which is now
known as Blockchain. However in 2008 the Blockchain history starts to gain relevance by
Satoshi Nakamoto for public transaction ledger.

Key elements of Blockchain:

-Distributed ledger technology: Authorized participants have access to distributed ledger and its
transactions record.

-Immutable records: Once the data is recorded, one cannot tamper or change the data.

-Smart contracts: Set of rules called smart contracts are executed to speed up transactions.

Types of Blockchain:

Private, Public, Permissioned, Consortium.

How Block chain is useful for business

Business runs on information. Block chain is used to deliver transparent information stored on
immutable ledger faster and accurate that can be accessed only by network members.

Blockchain in Supply chain

Using Blockchain one can not only share transparent information but also trace this information
so as to reduce administration cost. It will help the participants to track orders, record price,
payments, location, production, quality and much more. All the details of transactions and visible
end to end so that it improves visibility, lower loses, gives you a greater confidence, new
efficiencies and opportunities.

IOT

Internet of Things (IOT) is a system of inter related things which are connected to the device and
transfer the data from one another. IOT allows objects to be sensed and controlled in a remote
conditions across present network, making a huge opportunities for direct integration of the
physical world to system based, which improve the efficiency and accuracy.

IOT is developed to make the process without human intervention. Such applications are already
been used in different sectors like healthcare, automotive industries and transportation.

Evolution of IoT

The evolution of IoT can be classified into five stages

1. Pre Internet: Before the internet era, communication used to be done between human to
human
2. Internet of content: By developing the network using the Internet, the Pre-internet period
has been changed to the Internet of contents, where information is available on the online
sites.
3. Internet of services: By developing different IT services, it has been changed to the
Internet of services. In this stage, mainly e-commerce platform has been created.
4. Internet of people: From the improvement in the mobiles and other related applications,
there is a considerable development in the social media, where a massive number of
people can be reached to information using these social media platforms.
5. Internet of Things: As there is a considerable interconnection between the Internet and
people, there is an increase in data and devices, which developed the Internet of things.
Communication has been done between machine to machine, identifying products,
tracking the goods and services, monitoring, automation, and other such things are made
easy using these IoT.

This IOT is transforming to the IOE, which is called the Internet of everything, where
anything can relate to any other thing using the Internet as an interface.

IoT in supply chain

 Authenticate the location of the goods at any time

 Speed can be tracked
 Monitoring storage conditions