What do Manufacturers Need to Know About Blockchain?

On Tuesday, BakerHostetler presented a webinar on the place of blockchain in manufacturing and how and why manufacturers might want to use it, especially in the supply chain. Primarily known as the building block for bitcoin, blockchain is an encrypted method of relaying data peer-to-peer, without an intermediary. For example, in the case of bitcoin, currency is relayed without passing through a central bank.
The blockchain is built to be secure. Modifying one block modifies them all, which makes tampering very evident. There are ways around this - Laura Jehl, a partner at BakerHostetler, said over $1 billion in bitcoin was stolen in 2018. While the blockchain itself is highly secure, the wallets used to store the digital currency may not be. However, the speed of transfer and security mean that more and larger companies are trying to organize blockchain for industrial use.