Blockchain – tech wonder in logistics and supply?

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TIMOCOM were able to win a true blockchain expert for their LiveTalk in September. Mrs. Sidsel Rytter Løschenkohl gained professional experience in the Deloitte EMEA Blockchain Lab in Dublin, and regularly comes into contact with the technology in her work with banks and insurance companies.

Sidsel also answered what it is about blockchain that caught her attention:

“Once I understood blockchain technology, I knew it would change the world.  And that I wanted to be there when it did.”

But what is blockchain? 

Blockchain is trending right now, a buzzword that is often named in connection with the logistics and transport industry. But what is it really? 

Sidsel Rytter Løschenkohl explained that “Basically, blockchain technology is an anonymous peer-to-peer network that makes it possible to save, share and manage information.” This type of network works without intermediaries, or trustworthy third parties. Each step must be collectively verified by all participants. Once the step is complete, it can no longer be changed or otherwise manipulated. The technology it is based on guarantees a high degree of security and traceability.

The term ‘blockchain’ is often heard in connection with the finance industry. But how does it work in regards to the supply chain?

Is this financial technology also advantageous for the logistics industry and supply chains? 

Blockchain became famous as the technology behind the cryptocurrency Bitcoin. But the concept itself could also be used in logistics and as part of the supply chain. After all, as Løschenkohl emphasised, the ability to trace and view transports is very important within the supply chain. She noted that blockchain could be used, for example, to sign contracts or check the origins of a product. Sidsel Rytter Løschenkohl clarified that blockchain is not “one single promising technology” that can solve all problems, but that it can be very useful when combined with other technologies. The blockchain expert explained the advantages and disadvantages in detail.

Take a look at the full live interview with Sidsel Rytter Løschenkohl, streamed from the TIMOCOM headquarters in Erkrath here: