Open side-bar Menu
 Jeff's MCAD Blogging

Posts Tagged ‘Bitcoin’

Blockchain For The Manufacturing Supply Chain

Thursday, January 11th, 2018

In 2017, bitcoin value surged from just under $1,000 at the beginning of the year to nearly $20,000 by mid-December.

While some industry leaders are skeptical of bitcoin, others are eagerly investing, confident in projections that bitcoin value will reach $1 million by the end of 2020. I don’t know if I’d go that far, but then again, I’m no financial expert.

However, many financial pundits and industry observers see bitcoin’s supporting technology, blockchain, as the true star with the greatest potential in coming years, and manufacturing could prove to be one of its biggest successes.

 

What Exactly Is A Blockchain?

According to Investopedia, “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

Originally developed as the accounting method for the virtual currency Bitcoin blockchains – which use what’s known as distributed ledger technology (DLT) – are beginning to appear in a variety of commercial applications, including manufacturing. Currently, the technology is primarily used to verify transactions, within digital currencies, though it is possible to digitize, code, and insert practically any document into a blockchain, including those found in the manufacturing process. Doing so creates an indelible record that cannot be changed and the record’s authenticity can be verified by an entire community (supply chain) using the blockchain instead of a single centralized authority.

(more…)

What’s Blockchain Got To Do With Manufacturing?

Thursday, November 30th, 2017

One of the most interesting, but mysterious and most misunderstood technologies in the digital realm are blockchain and bitcoin. Blockchain, specifically, is also the technology with the greatest potential to secure data and transactions that demand trust. Although they are related, separately and together they require quite a bit of space to adequately explain, so this time around, I’ll focus on a few aspects of blockchain and their possible implications for manufacturing.

Blockchain combines the openness of the Internet (unless/until Net Neutrality goes away) with the security of cryptography to give companies a faster way to verify vital information and establish trust without the need for third parties and other intermediaries. It was initially developed more than a decade ago to provide the technical underpinnings for Bitcoin, the cryptocurrency with which it is sometimes mistaken. As Pat Bakey, president of SAP Industries, noted, “Early horror stories about bitcoin, the most famous digital currency to use blockchain, prompted its mainstream dismissal as a dubious tool of the dark web.”

At its core however, blockchain is simply an open and secure method of recording transactions, just like a traditional ledger. Because blockchains establish trust, they provide a simple, paperless way to establish and track ownership of money, information, and objects by individuals, companies, and other organizations.

Blockchain: What’s In It For Manufacturers?

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value,” wrote Don and Alex Tapscott in their book, Blockchain Revolution.

(more…)

Kenesto: 30 day trial



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise