Blockchain is sometimes referred to as Distributed Ledger Technology (DLT).

It makes the history of

any digital asset unalterable and transparent through the use of decentralization and cryptographic
hashing.  Blockchain is useful in reducing risk and bringing more transparency in transactions, thus
making it a promising and revolutionary technology. Blockchain consists of three important
concepts: blocks, nodes and miners. Blocks contain data, nonces which acts as a unique no and a
hash to which the data is signed forever.

In a blockchain every block has its own unique nonce and hash, but also references the hash of the
previous block in the chain. Miners use special software to solve the incredibly complex math
problem of finding a nonce that generates an accepted hash. When a block is successfully mined, the
change is accepted by all of the nodes on the network, making decentralization one of the most
important concepts in blockchain technology.

Transparency builds trust by capturing key data points, such as certifications and claims, and then
provides open access to this data publicly. The information can be updated and validated in real-
time.

Traceability improves operational efficiency by mapping and visualizing supply chains. A growing

number of consumers demand sourcing information about the products they buy. Blockchain helps
organizations understand their supply chain and engage consumers with real, verifiable, and
immutable data.

Recalls become less expensive and more efficient when manufacturers can locate affected products
quickly and easily. Blockchain technology enables a more transparent and traceable supply chain,
therefore, facilitating faster and more efficient recalls. 

Blockchain company Everledger partnered with IBM to create a blockchain solution to ensure
diamonds are ethically sourced. Everledger has also branched out into other industries by
developing blockchain solutions for the fashion industry, electronics producers, and electric vehicle
manufacturers.

Walmart, Carrefour, Nestle and Dole have partnered with IBM on a trial blockchain system that
tracks food products through their respective supply chains.

Australian car manufacturer Tomcar uses Bitcoin to pay some of its suppliers and accepts the
cryptocurrency for payments from three clients in Israel and Taiwan thus eliminating the need for
international payment fees.

I went through the Amazon website and this is how they have formulated the benefits of using
blockchain technology in supply chain, starting from the supplier ensuring ethical sourcing to the
consumer having insights about the supply chain which enables them to take informed decisions.