Blockchain technology and its impact on logistic enterprise performance

Arsova, Monika (2021) Blockchain technology and its impact on logistic enterprise performance. Knowledge – International Journal, 46 (1). ISSN 2545-4439

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Abstract

Abstract:Blockchain is a public, decentralized, and distributed book that records transactions in a secure way. Transactions are cryptographic, permanently stored on the blockchain and validated permanently by consensus without the need for additional security and safety costs. It is a relatively new technology whose emergence is associated with the emergence of cryptocurrency -bitcoin. There are records in the literature that indicate that blockchain technology will be the future. That is, it is expected that in the future this way of working will be everyday for business entities. A blockchain is a chain made up of blocks, and each of those blocks contains data -a set of transactions and the corresponding information contained in those transactions. Bitcoin, on the other hand, is electronic cash that enables online transactions from one side to the other without any involvement of any third party such as banks. Transactions take place ona network called a blockchain network, where storage space is provided that is secure and unchanged. This means that the database can be imported or updated, but cannot be edited once it has entered the blockchain system. By combining blockchain technology and the cryptocurrency bitcoin, in the future it is expected to create a distribution market where there will be no intermediaries.The main purpose of the blockchain, which evolved with bitcoin, was to provide a secure network in order to transfer digital currency. Because of benefits such as data immutability, transparency, traceability and more, blochchain technology has begun to revolutionize commerce and industry. The great advantage offered by this technology is the high level of transparency and accountability. A particularly important aspect for any participant -entity in the blockchain network is the fact that the data is encrypted, and thus protected from hacking. Data cannot be lost in the event of a fire, natural disaster or failure even on many drives or servers.The impact of this technology on the work of logistics companies is seen in several aspects, starting from reducing the time required to complete the required transactions. Another aspect through which the impact of this new technology on the logistics sector is perceived is the connection to the apparatus for monitoring the devices for transporting goods. It greatly influences to act at high altitude, ie to know in which period which activities to be undertaken. From here youcan see the impact and performance improvement that enables the implementation of blockchain technology in its operation. In logistics companies, the changes caused by the emergence of information technology give a positive direction, ie they help these companies to achieve better performance, saving costs and time and improving in certain aspects. Reducing costs has a positive effect on the performance of the company, which consequently leads to higher profits that can be targeted. Another aspect is the reduction of time which is very useful in dynamic working conditions. Reduced time and increased funds can help the company invest in further development.

Keywords: blockchain technology; logistics; information technology; cost reduction; computer network

Item Type:	Article
Subjects:	Social Sciences > Economics and business
Divisions:	Faculty of Economics
Depositing User:	Monika Arsova
Date Deposited:	27 Aug 2021 06:31
Last Modified:	27 Aug 2021 06:31
URI:	https://eprints.ugd.edu.mk/id/eprint/28366

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