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Taking all these issues and their potential solutions with blockchain technology, we come to the conclusion that this technology is a necessity for the currently existing supply chains.

The only problem with the blockchain technology right now is the lack of awareness. A lot of people do not know about blockchain at all, many others have heard of it but do not understand how it works and what it is about. At the end of the day, blockchain can be a bit confusing and hard to understand. For that reason, this article will cast light on questions starting from “What is blockchain?” all the way to “How can blockchain technology revolutionize sectors such as transportation?”

What is blockchain?

The fundament of the blockchain technology is dogcoin cryptography, which is a branch of mathematics. It works as a shared digital ledger (series of blocks that are encrypted and linked to one another in a public chain) and is completely decentralized. Blockchain works by fully relying on the consensus of the peer network from around the globe. This way, it is impossible to modify one block without the modification of the whole chain and without getting the consensus of the peer network as a whole. Thanks to these features, the chances of the potential not legit and fake data are very low and almost none at all.

For example, Bitcoin is a cryptocurrency (digital currency) that is authenticated and exchanged through the blockchain technology. The main benefits of this cryptocurrency are the result of the application of blockchain. Those benefits include things like a high transaction speed, very low costs (in some cases none), high security, and elimination of third parties at the time of a transaction.
The transactions within blockchain technology usually take place as follows:

1. One party sends money to the other party.
2. The online transaction appears as a block.
3. The block is similar to broadcast for all the parties within the network. The role of this network is to approve the validity of the transactions.
4. After the validation, the block gets recorded in the chain in a transparent and undeniable manner.
5. The transaction is finalized and the money goes from the first party to the second one.

Please note that there are more than 1,400 cryptocurrencies in the world and Bitcoin is just one of those. All these cryptocurrencies together have a market capitalization that exceeds half-a-trillion US dollars. It is important to mention that there are many cryptocurrencies, which are aiming to improve different aspects of businesses and are working hard to increase efficiency, instead of being just a plain type of money.

Some of the industries that have been actively adopting the blockchain technology are the trucking and commercial transportation. Bellow, you may find the list of the improvements that this technology is able to bring with it.