Based on the distributed ledger technology, blockchain is basically a temper proof asset
database ledger that is shared amongst all importers, exporters and all financial institutions
involved in a global supply chain transaction.
The problem of data privacy among parties is solved by cryptography and the utilization of
tokens that allows information to be accessed only by those parties that have permission.
The possibility of self-executing contracts also known as smart contracts can potentially revolutionize the Letter of Credit.
Apart from pointing out the immediate benefits of blockchain such as reducing the time consuming and costly reliance on manual processing
of information and documentation involved in any transaction, this article also summarizes in one paragraph a hilariously
brief history of bookkeeping dating back to 8,500 BC in the Neolithic Middle East.
On the surface it does not appear that it does!
The attack reached 30 of the US largest companies.
Basically the Chinese hacked a manufacturer of very expensive servers motherboards that large companies who handle
video compression bought and installed in their networks.
While the small rogue Chinese chips allowed attackers to create doorways into any network
that included the altered server machines their target was access to high-value corporate secrets and sensitive government
networks - not customer data.
The ramifications of the attack are likely that companies will begin shifting their hardware supply chain back to the US.