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Bitcoin The inefficiencies precipitated by paper-based processes posed a considerable challenge to global trade. Firms lacked adequate visibility into the status of the shipped goods as they moved across the supply chain. The communication channels between firms were costly and expensive. In light of the these problems, firms are taking an approach to adopt blockchain technology (Dawood, Hammadi, and Mohammed, 2019). The new digital platform was associated with Bitcoin and other firms. The management team at the firm was convinced that Blockchain would provide solutions to the supply chain problems affecting global trade (Mohan, 2010). Business organizations believed that the new global trade digitization platform would offer more clarity to the confusing supply chain by acting as a distributed ledger. The result of this would be the provision of equal access to a single truth source to all the stakeholders in the supply chain. A blockchain is a bookkeeping approach that integrates various entries, making it difficult to modify later. The method provides a secure strategy through which large firms in different areas can securely and reliably keep records of their transactions (Osterrieder, 2016). The digital platform uses advanced cryptography to secure transaction records. Progressive business organizations are interested in the new global trade digitization platform for reasons beyond cryptocurrency. The technology would provide a new method of tracking transactions and shipments in the supply chain of different types of goods. Dawood, Hammadi, and Mohammed (2019) reported that blockchain provides all stakeholders with the opportunity to access information and keep their version of the data without external influence from a central authority. The stakeholders would also have the leverage of observing every process in the supply chain and ensure that there were no alterations at any stage (Osterrieder, 2016). In light of the benefits, as mentioned above, business organizations should invest considerable resources in blockchain technology. The result of this was the development of permissioned blockchains at the firms. TradeLens is a digital trade platform that was developed to empower authorities and firms along the supply chain to reliably secure a single source of shipping information to facilitate a more effective global trade (Dawood, Hammadi, and Mohammed, 2019). However, the digital platform stalled for more than a year after its initiation because of various challenges with the joint venture. The digital firm was created in cooperation between Maersk, IBM, and other cryptocurrencies (Mohan, 2020). It was thus a critical factor in getting the ecosystem to participate and engage fully. The fact that the process involves various players makes signing up vendors like shipping lines and terminals very hectic. The firm should have used digital media in its decision-making process to facilitate the change management process. Due to this expansion, the process of decision-making has proved to be a significant aspect of organizational processes. The process is achieved through situational assessment and data analytics instituted by business organizations (Mohan, 2020). Decision-making systems are currently used in various institutional processes, including customer management systems, feedback systems, and decision-making processes. Decision support systems help firms and manage to come up with practical strategic management approaches that incorporate current technology. Knowledge and skills from topics in big data could be such as data security systems that could be used to ensure that data is protected from unauthorized access. ——————————————— Requierements: 1) 3-4 lines
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