Impact of Blockchain Technology on Finance and Logistics Management

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Table of Contents
Bitcoin and Blockchain Technology...............................................................................................2
Impact of Blockchain Technology...................................................................................................2
Reference.........................................................................................................................................5

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Bitcoin and Blockchain Technology
Bitcoin refers to the digital currency which was introduced in 2009 which is not backed
by the central bank of the country. The application of bitcoin can be used for trading goods and
services with the suppliers who accept bitcoin currency as payments for the goods and services.
This form of currency is also known as crypto currency (Reid & Harrigan, 2013). The bitcoin
system is operated by network and the network is designed to produce 21 million bitcoins and
also has regulations which can deal with inflationary pressure. Bitcoins are stored in a digital
wallet and can be send to different addresses as per the requirements of the users (Androulaki et
al., 2013).
In many countries such as United States, bitcoins are controversial as it is mostly used for
transfer or hide funds. Bitcoins need to be backed by government currencies in order to keep
track of the digital money.
The technology which is associated with bitcoin and crypto currency is known as
blockchain technology. The blockchain technology has the ability to change a number of
important industries which are healthcare, politics, retail and other similar industry. Bitcoin and
all alternative currency uses blockchain technology in different ways Crosby. In the case of
bitcoins, new blocks are created in every ten minutes which performs the function of verifying,
recording new transactions that have taken place (Crosby et al., 2016).
Impact of Blockchain Technology
The use of blockchain technology has been becoming more and more popular. The main
application of the blockchain technology is widespread and it can be used in financial and
logistics management. In case of a logistic industry, the main activities which are involved
relates to transportation, storage and other similar related activities (Badzar, 2016). The main