Journal of Information Technology & Software Engineering
Open Access

Adoption of Blockchain Technology to Address Technical Issues of a Low-Carbon Supply Chain

Alessandro Hannan^{* *}Correspondence: Alessandro Hannan, Department of Information System, University of Georgia, Athens, USA, Email:

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Description

Blockchain is the fundamental technology that powers Bitcoin and countless other crypto currencies, and it has exciting potential outside the field of virtual money. A blockchain is a digital ledger of transactions that is protected from hacking and modification by a network of computers. Without the help of intermediaries like governments, banks, or other third parties, technology offers a secure mechanism for people to deal with one another directly. There are four main types of blockchain networks: Public blockchain, private blockchain, federated blockchain and hybrid blockchain. Each of these platforms has its ideal usage. Anyone with internet connection can log into the blockchain platform and register as an authorized node on the public blockchain, which has no restrictions and requires no permissions. This user can access current and past records and conduct mining operations. The complex calculations used to verify transactions and add them to the ledger. There is no valid record or transaction that can be modified on the network and anyone can verify the transaction, find bugs or suggest changes because the source code is generally open source. A blockchain network that is private or controlled by a single entity, for example, operates in a constrained setting such as a closed network. Although it works like a public blockchain network in the sense that it uses peer-to-peer connections and decentralization, this type of blockchain is much smaller in scale. Instead of anyone being able to participate and provide computing power, private blockchains are typically operated on a small network within a company or organization. They are also known as authorized blockchains or enterprise blockchains.

Organizations occasionally employ hybrid blockchain, a form of blockchain technology that mixes components of private and public blockchains, to get the best of both worlds. Organizations can set up a private, permission-based system in addition to a public, permission-less system, giving them control over which data is accessible to the public and who can access specific data stored on the blockchain. The fourth type of blockchain, the consortium blockchain, also known as the federated blockchain, is similar to the hybrid blockchain in that it has both private and public blockchain functionality. But it differs in that several members of the organization collaborate on a decentralized network. Essentially, a federated blockchain is a private blockchain with limited access to a specific group, eliminating the risk of a single entity controlling the network on a private blockchain.

The blockchain is ideal for providing this information as it provides instant, shared, and fully transparent information stored on an immutable ledger that only authorized members of the network can access. The blockchain network can track orders, payments, accounts, production, and more. And because members share a single view of the truth, we can see every detail of the transaction from start to finish, giving more confidence, as well as new efficiencies and opportunities. Operations often waste effort on duplicate record keeping and third-party validation. Record keeping systems can be vulnerable to fraud and cyber-attacks. Limited transparency can slow down the data verification process. By using cryptographic methods to link the blocks together, a timeline of information is created. The consensus process used by a network of nodes in a blockchains structure is intended to secure data security by reaching an understanding on the legitimacy of transactions prior to adding them to the blockchain. Bitcoin and other popular crypto currencies (sometimes called altcoins) are found on public blockchain networks, which means anyone, can participate. But many enterprise applications can be built on top of a private blockchain network, where organizations can control who joins them. Thousands more crypto currencies have been constructed on top of blockchain technology, despite the fact that the Bitcoin system is the most well-known implementation. While it remains to be seen whether Bitcoin will succeed in displacing other traditional forms of payment, the applications of blockchain technology are growing rapidly and proponents say it can drive dramatic change across industries. However, successful implementation requires a thoughtful approach, collaboration between stakeholders, and a keen understanding of the technology's capabilities.