Although much of the initial excitement for blockchain technology centered around bitcoin and financial services, it’s quickly showing applicability to other areas for increased business value.
For example, Walmart has invested in blockchain to improve its supply chain operations. In initial tests, the retailer says the technology reduced the time it takes to track food as it moves from farms to stores — from six days to two seconds.
That’s all due to the decentralized nature of blockchain. It’s often referred to as a distributed consensus model, consisting of nodes or blocks of encrypted information. Each node contains the exact same data and transaction history, and that information is secured with cryptographed hashes and digital signatures.