How Blockchain Technology Will Transform Supply Chains

The blockchain has emerged from the shadows. Now it might hold the key to transforming global supply chains. The blockchain was originally intended as a system of record for the digital cryptocurrency bitcoin. Now, however, the blockchain finds itself poised to play a much larger role in global commerce – and, especially, the supply chain. The blockchain provides all partners in a transaction with a secure, distributed ledger that allows them to see the same information at the same time. The open-source software protects against discrepancies in the record, as well as fraudulent manipulation of the data, while eliminating inefficiencies in data management. Among the key players in developing blockchain on a broader scale today is IBM. On this episode, we speak with Brigid McDermott, the company's vice president of blockchain business development and ecosystem. She explains how the blockchain works, why it's such a radical concept in global business, and how it's likely to evolve. ''Blockchain,'' she says, ''is about trust.''