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Question: Discuss about theTransform Supply Chains of The Future for Blockchain. Answer: Introduction Cryptocurrencies generally refer to the digital assets that are designed to serve the purpose of the exchange with the use of the cryptography for the security of the transactions (Narayanan et al. 2016 p. 89). These cryptocurrencies make the use of the cryptography for controlling the creation of the various units and the verification of the concerned assets and their transfer among the involved parties. These currencies implement the decentralized nature of control as compared to the centralized banking systems and the centralised systems involving the electronic medium of money transfer. The following report deals with the definitions and the differences between bitcoins and blockchains. The report proceeds to discuss the history of the bitcoins and the blockchains and the evolution faced by both the media of exchanging funds. The report further proceeds to discuss two real-life application of the blockchains. The report concludes with the prediction on the future effect of the bl ockchains on the future supply chains. Discussion Definition and differentiation of the terms Blockchain and Bitcoin The blockchain generally refers to the record list that is observed to be growing in a constant manner. The blocks that help in the constructing the concerned blockchain are linked to each other and are secured using the various methods of cryptography. Each of the blocks contained in the blockchain deal with a cryptographic hash of the preceding block, transaction data and the timestamp. The design of the blockchains help resist the activities of the modification of the data that is stored in the blockchain (Reid Harrigan 2013, pp. 197-223). The Bitcoin is one of the cryptocurrencies that is present in the market. It is one of the first decentralised digitalised cryptocurrencies. The system behind the cryptocurrency works without the control of any central bank or any other financial administrator. The operation of the bitcoins does not require the supervision of a single administrator for the continuation of the operations of the system. The transactions within the system take pla ce without the assistance of any third party and is held directly among the peers involved in the transaction chain. Both the concepts of the blockchain and the bitcoins were invented by a group of people or an unknown person who is identified by the name of Satoshi Nakamoto in the year 2008 (Nakamoto 2008). The major difference between the concepts of blockchain and bitcoin refer to the fact that the bitcoin is a cryptocurrency while the blockchain is one of the public transaction ledgers that is maintained by the people who have been dealing in the bitcoins. The bitcoin users use the blockchains to keep a record of the payments and other transactions that they have undertaken. History and evolution of Bitcoin and Blockchain The concepts of both blockchain and bitcoin was introduced by an unknown person or a group of people who are known as Satoshi Nakamoto in the year 2008. The blockchains were conceptualised in the year 2008 by an unknown person or a group of persons who have been known by the name of Satoshi Nakamoto. The blockchain was later implemented in the cryptocurrency of Bitcoin as one of the key components of the concerned cryptocurrency. The blockchains in the Bitcoins serve to be one of the public ledgers for all the transactions that take place within the network. The paper by Satoshi Nakamoto had reflected the use of the words block ad chain in a separate manner that came to be coined as one word in the year 2014 (Underwood 2016, pp.15-17). The blockchains have evolved hugely since the inception of the concept as one of the major components in the cryptocurrency chain of Bitcoins. The blockchain in the modern times also help the users to store their persistent persona and their digital id entifications over the blockchains. The security measures involved in the blockchains have further made it a trustworthy area for the storage of the sensitive information. The Bitcoins have also shown a commendable development in the concerned field (Kshetri 2017, pp.68-72). Various sectors of the market and the retail industry have started accepting payments that are made though the modes of the cryptocurrencies like the Bitcoins. The Bitcoin concept has passed through a number of the changes in the recent years and the most recent being the introduction of the separate data for the signature, that is commonly known as the witness (Walch 2015, p.837). Two current real life applications of Blockchain There are various real-life applications of the blockchain that are very evident in the recent times. One of them is the use of the blockchains for making transactions that involved the banking procedures in countries wherein the residents do not have the proper access to the financial organisations like the various banks (Swan 2015, p. 87). The people residing in the countries wherein the infrastructure of the financial might be robust due to the various fluctuations in the currency, the mistrust and the uncertainties. The use of the blockchains in these cases might help the residents to gain the stability in the matters that concern the financial transactions that take place within the country (Crosby et al. 2016, pp. 6-10). The blockchains are one such method of financial transaction that would not face a loss in its value in a very short period of time. The other major use of the blockchains is found in the areas that pertain to the trading of the various types of the securities (Lee 2015, p.81). The block chains might prove to be useful in these cases due to the fact that the securities industry might involve a lot of transactions which might prove to be difficult to track. The use of the blockchains tend to help in the maintenance of the various records of the transactions that have been taking place within the market (Underwood 2016, pp.15-17). The blockchain transactions involve the recording of the transactions in two different steps. The first step of the transaction involves the recording of the transfer from the concerned source to the intermediary section. This is followed by the second step that involves the transfer of the concerned items of the security industry from the intermediary section to the final destination of the concerned item (Zyskind Nathan 2015, pp. 180-184). Conclusion Thus, in conclusion it might safely be said that the blockchains would find a huge usage in the supply chains in the future times. The blockchains might be applicable in a huge number of activities like the automated management of the cold chains as well as in the matters pertaining to the supply chains that are deemed to be independent in the matters of their execution. The blockchains are considered to be a more secure way to hold the transactions as the total blockchain is dependent on a number of the nodes that are stored in various computers. This makes it tough for the criminals to tamper with the concerned records that are held within the blockchain. In order to verify the authenticity of the blockchain, it is necessary that all the entities that are involved in the transaction do agree to the validity of the transaction. The transactions that are done via the blockchains are indelible thereby leading to the conditions wherein the records maintained cannot be falsified in the future. The blockchain also ensures the fact that all the various entities that are involved in the transaction are aware of the origin of the various assets. The blockchain also helps the concerned parties to gain transparency on the concerned transactions due to the fact that all the copies of the shared blockchain would be holding the same data. References Crosby, M., Pattanayak, P., Verma, S. Kalyanaraman, V., 2016. Blockchain technology: Beyond bitcoin.Applied Innovation,vol. 2, pp.6-10. Kshetri, N., 2017. Can Blockchain Strengthen the Internet of Things?.IT Professional, vol.19, no. 4, pp.68-72. Lee, L., 2015. New Kids on the Blockchain: How Bitcoin's Technology Could Reinvent the Stock Market.Hastings Bus. LJ,vol. 12, p.81. Nakamoto, S. 2008. Bitcoin: A peer-to-peer electronic cash system. Narayanan, A., Bonneau, J., Felten, E., Miller, A. Goldfeder, S., 2016.Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press. Reid, F. Harrigan, M., 2013. An analysis of anonymity in the bitcoin system. InSecurity and privacy in social networks(pp. 197-223). Springer, New York, NY. Swan, M. 2015.Blockchain: Blueprint for a new economy. " O'Reilly Media, Inc.". Underwood, S., 2016. Blockchain beyond bitcoin.Communications of the ACM,vol. 59, no. 11, pp.15-17. Walch, A., 2015. The bitcoin blockchain as financial market infrastructure: A consideration of operational risk.NYUJ Legis. Pub. Pol'y,vol. 18, p.837. Zyskind, G. Nathan, O., 2015, May. Decentralizing privacy: Using blockchain to protect personal data. InSecurity and Privacy Workshops (SPW), 2015 IEEE(pp. 180-184). IEEE.