Blockchain is a database system that serves as a trusted resource for moving data across the digital universe. It has numerous applications in society, from banking to supply chain. FreightWaves has published a series of stories on blockchain technologies, collected here, but is always looking for new ways the technology can be implemented in the supply chain. If you have a story idea, email Managing Editor Brian Straight at firstname.lastname@example.org.
Unlike some technologies, blockchain technology is not likely to displace many workers in the trucking industry. It does promise, however, to streamline financial operations and compliance reporting to make those operations more seamless, potentially saving fleets tens of thousands of dollars.
“The potential here is phenomenal. The match between what blockchain offers and the industry pain points is incredible," says Bridget McDermott, vice president of Blockchain Business Development for IBM. So what exactly is blockchain?
Blockchain is a relatively new term used to describe a series of distributed databases that act as a tamper-proof, verifiable ledger. As with any new technology, blockchain has its own terminology. Here is a listing of some of the most important terms and their meanings.