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Blockchain technology has been surrounded by plenty of hype, which makes many business leaders keenly interested in adopting it but also concerned about blockchain challenges and risks.
At its most basic, blockchain refers to peer-to-peer distributed leader technology that can record transactions between two parties efficiently and in a verifiable and permanent way, enabling tracking and traceability. This emerging technology has game changing potential for wide range of applications that go far beyond its roots in cryptocurrency.
Organizations are increasingly coming together and forming collaborative blockchain working groups to address common pain points and develop solutions that can benefit everyone without revealing proprietary information.
For example, prior to the COVID-19 pandemic, several large pharmaceutical organizations came together with Deloitte to form the Blockchain for Clinical Supply Chain Industry Working Group. Working with blockchain developer LedgerDomain, the group built an application called KitChain.