Application of Blockchain technology in logistics and supply chain management

Abstract

The article considers the possibility of using innovative information technology Blockchain in logistics and supply chain management. At the beginning of the 21st century, a significant change occurred in the development of digital technologies, a revolution. Now information is becoming more and more important every day as a resource in social and economic processes. The use of information in modern conditions is necessary to transform it into knowledge, which is measured by an increase in productivity, and subsequently the social space takes up more and more space in socio-economic relations. The essence and features of Blockchain technology are reflected, and the need for its technical order is also revealed. Today, Blockchain is a multifunctional and multi-level information technology designed for reliable accounting of various assets. Potentially, this technology covers all spheres of economic activity without exception and has many areas of application. Among them: finance, economics and monetary settlements, transactions with tangible and intangible assets. The introduction of Blockchain technology into any area of business involves the adoption of a fully transparent and reliable information platform that will be used by participants in a particular process: whether it is insurance of individuals, privatization of real estate, return management, provision of logistics services or any other type of activity. It should be noted that modern society at this stage of development is at an intellectual and technical level, at which the technical construction of a model of itself is a quite real computer engineering task. Today, technical modelling and technical normalization of Blockchain technology are in the zone of a strict process of organizing production and the economy. The key issue of the article is to reveal the possibilities of applying Blockchain technology in logistics and supply chain management in general. Examples of practical application of this technology in logistics are given, the advantages and disadvantages of Blockchain are revealed, and the barriers and difficulties associated with the use of this technology are also reflected