How beneficial is blockchain technology to the supply chain process? Outside of cryptocurrency, one of the most promising uses of blockchain will likely be for supply chain
The Evolution of Supply Chain | James HeidrichJames Heidrich
In his latest article, James Heidrich describes the evolution of supply chain. To keep up with James Heidrich, visit his website, JamesHeidrich.co or follow him on Twitter, @JamesHeidrich1.
How to Apply Blockchain to Supply-Chain ManagementFluence.sh
Today, supply chains are inherently complex. They sometimes face difficulties in terms of cost, speed, or quality. Still, the benefits of the supply-chain system are obvious, and there are certain ways to improve its efficiency with the blockchain technologies.
Blockchain technology is one of the latest technologies on the horizon and has evolved over the last 7-10 years. There is tremendous potential for usage of Blockchain technology in today’s Real Estate industry. This paper aims to analyze the disruptive power of Blockchain digital technologies in the real estate industry. This paper will start with an introduction of the blockchain technology and high-level technical overview. It will then go on to discuss the various benefits the Real Estate industry can reap from this technology. It will also put forth various use cases or opportunities in the Real Estate sector for this technology. In the end, the paper will also discuss the present-day limitations and the questions marks over this technology in relation to its usage for the Real Estate industry.
Blockchain technology has the potential to radically transform businesses across various sectors. Many industries like healthcare, education, supply chain, retail, and many other sectors are undergoing a transformation under the Blockchain effect. In this blog I will be highlighting, how is Blockchain changing the manufacturing industry.
Why is it critical for your enterprise to understand Blockchain technology an...ISHIR
Blockchain has become the talk of the town of late. But it wasn’t until bitcoin made its way into the markets in 2009 that everyone began to notice it. Bitcoin became immensely popular as a cryptocurrency, and lately people have been looking at its underlying technology, blockchain, as a disruptor in the digital business space. Learn how it will impact your business.
In my quest to #DevelopNextGenLeaders, shared my thoughts on Blockchain in Manufacturing at World Blockchain Technology Conclave, Bangalore on 22nd March 2018. Invite all to connect and join hands to co-create future.
The Evolution of Supply Chain | James HeidrichJames Heidrich
In his latest article, James Heidrich describes the evolution of supply chain. To keep up with James Heidrich, visit his website, JamesHeidrich.co or follow him on Twitter, @JamesHeidrich1.
How to Apply Blockchain to Supply-Chain ManagementFluence.sh
Today, supply chains are inherently complex. They sometimes face difficulties in terms of cost, speed, or quality. Still, the benefits of the supply-chain system are obvious, and there are certain ways to improve its efficiency with the blockchain technologies.
Blockchain technology is one of the latest technologies on the horizon and has evolved over the last 7-10 years. There is tremendous potential for usage of Blockchain technology in today’s Real Estate industry. This paper aims to analyze the disruptive power of Blockchain digital technologies in the real estate industry. This paper will start with an introduction of the blockchain technology and high-level technical overview. It will then go on to discuss the various benefits the Real Estate industry can reap from this technology. It will also put forth various use cases or opportunities in the Real Estate sector for this technology. In the end, the paper will also discuss the present-day limitations and the questions marks over this technology in relation to its usage for the Real Estate industry.
Blockchain technology has the potential to radically transform businesses across various sectors. Many industries like healthcare, education, supply chain, retail, and many other sectors are undergoing a transformation under the Blockchain effect. In this blog I will be highlighting, how is Blockchain changing the manufacturing industry.
Why is it critical for your enterprise to understand Blockchain technology an...ISHIR
Blockchain has become the talk of the town of late. But it wasn’t until bitcoin made its way into the markets in 2009 that everyone began to notice it. Bitcoin became immensely popular as a cryptocurrency, and lately people have been looking at its underlying technology, blockchain, as a disruptor in the digital business space. Learn how it will impact your business.
In my quest to #DevelopNextGenLeaders, shared my thoughts on Blockchain in Manufacturing at World Blockchain Technology Conclave, Bangalore on 22nd March 2018. Invite all to connect and join hands to co-create future.
Application of blockchain in manufacturing industryCeline George
The adoption of blockchain technology in Manufacturing is revolutionizing the way the industry is performing. From operational excellence to product authenticity, consumer experience to quality of care.
Blockchain: the solution for transparency in product supply chainsJamie Sandhu
We live in the world we buy into. How brand and supply chain transparency will enable conscious consumerism ethical business practices to thrive and how blockchain technology can make it happen. A summary of the whitepaper by Provenance.org.
A Blockchain-Based Framework for Apparel & Footwear Supply Chain TraceabilityCognizant
Distributed ledger technology solutions enable fashion brands and retailers to improve supply-chain visibility across their diverse ecosystems, helping them to communicate product provenance to partners and customers, as well as mitigate environmental and reputational risk.
Blockchain technology and logistics managementJayakumar PP
Basic understanding of Blockchain Technology. Give special focus to the application of blockchain in Logistics Management and Supply chain. It covers the following topics
Introduction to the blockchain, The current situation in the logistics industry, The Blockchain technology - the paradigm shifter in logistics, Block Chian Technology - Explain technology aspects and features, Basics on Blockchain security, Blockchain capabilities and its advantages to the logistics industry, Value-added to the industry, Implementation challenges, Finally with the conclusion and one best practice with ship chain company.
Blockchain Supply Chain : Supply Chain Blockchain Use CasesLeewayHertz
By enabling transparency across the involved parties in the supply chain blockchain, the blockchain establishes the trust level which has been challenging for the last many years.
With Supply Chain blockchain, you know who you are trading with, where the product has been originated from, who refined it and if the payment is fair or not.
All about Blockchain Technology and it's applications in Finance functionvinodavg
Blockchain Technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain
¿En qué aspectos la Blockchain podría ser útil en los procesos, productos, información y flujo de efectivo de cadenas globales de suministro? El 90% de los productos en el comercio internacional se mueven por mar.
- Trazabilidad de los productos
- Resolución de controversias
- Integridad y seguridad de la mercancía
- Cumplimiento
Paper de Yanling Chang, Eleftherios Iakovou y Weidong Shi
All about Blockchain Technology and it's applications in Finance functionvinodavg
Blockchain technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain’
The Role of Blockchain and New Technologies in Supply Chain in 2019Henrique Centieiro
How Blockchain is adding more visibility, transparency and traceability to the supply chain and at the same time removing the trust issue.
Supply chain is a big use case for blockchain.
Zensoft develops blockchain enterprise solutions for clients.
Henrique Centieiro presentation.
Reach out here: https://www.linkedin.com/in/henriquecentieiro/
Blockchain as the Backbone of Digital Supply Chains | Challenges for Supply C...Fluence.sh
The digital supply chain is one of the most popular methods of organization for resources, assets, people, and inventory transfers. But what challenges does supply chain face and how they can be solved with the blockchain technology?
How Blockchain could improve your supply chain?
- Deliver better customer experiences like GAFA
- Increase visibility and collaboration with your partners
- Manage IP and GDPR data
- Improve your forecast accuracy
Cell therapy use case
Blockchain and Supply Chain (Series: Blockchain Basics)Financial Poise
Traceability of components of products - from food to fashion - is central to the promise of using blockchain to organize and operationalize data from the web of supply chains. How would traceability bring value? How do blockchain and smart contracts work? And how would these foster traceability? What has been done so far in this regard? What issues and tensions account affect adoption of traceability, whether by blockchain or other means? We have assembled for this discussion a builder of blockchain-based traceability solutions, a traceability entrepreneur via blockchain and other means, and an intellectual property attorney (and former software engineer) who advises clients on technology-driven transactions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/blockchain-and-supply-chain-2020/
Experion Technologies is an IT solutions & services company with a focus on software development, product engineering, digital transformation and technology consulting.
Technology tipping points Big Data and Blockchain use case presentationVinod Kumar Nerella
In this presentation, I am talking about the two technology tipping points big data and Blockchain.
In big data area, the presentation covers use cases in retails, financial and manufacturing sector.
Block chain and its main concepts are explained with the use case smart contracts is introduction and Blockchain can help manufacturing firms for efficient operations.
Enhance Your Career With An Online Degree In Blockchain For BusinessBlockchain Council
An online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.
Blockchain in Supply chain Logistics: Discuss the journey to consider for planning your enterprise Blockchain soln and outline optimal strategy for your enterprise based on your market position and ability to influence standards and regulatory barriers.
Takeaways:
1. Blockchain – A Long Term Journey
2. Collaboration is key to reducing Supply Chain Black Swans
3. The Evolution and Disruption of the Logistics Industry
4. Optimal Blockchain strategy for each use case is dependent of market position and ability to influence standards and regulatory barriers
5. Short-term investment costs are outweighed by the long-term costs of getting left behind
6. Live Use Case
7.Strategy
How Blockchain In Supply Chain Can Help Overcome.pdfMindfire LLC
With bitcoins and cryptocurrency gaining much popularity over the last few years, its underlying technology — blockchain, seems to be the latest buzzword across industries. There seems to be a sudden urge among businesses to adopt and use the technology to significantly improve their workflow operations. The concept seems to have a promising future that would assist in solving several hold-ups of the existing technology gears.
Application of blockchain in manufacturing industryCeline George
The adoption of blockchain technology in Manufacturing is revolutionizing the way the industry is performing. From operational excellence to product authenticity, consumer experience to quality of care.
Blockchain: the solution for transparency in product supply chainsJamie Sandhu
We live in the world we buy into. How brand and supply chain transparency will enable conscious consumerism ethical business practices to thrive and how blockchain technology can make it happen. A summary of the whitepaper by Provenance.org.
A Blockchain-Based Framework for Apparel & Footwear Supply Chain TraceabilityCognizant
Distributed ledger technology solutions enable fashion brands and retailers to improve supply-chain visibility across their diverse ecosystems, helping them to communicate product provenance to partners and customers, as well as mitigate environmental and reputational risk.
Blockchain technology and logistics managementJayakumar PP
Basic understanding of Blockchain Technology. Give special focus to the application of blockchain in Logistics Management and Supply chain. It covers the following topics
Introduction to the blockchain, The current situation in the logistics industry, The Blockchain technology - the paradigm shifter in logistics, Block Chian Technology - Explain technology aspects and features, Basics on Blockchain security, Blockchain capabilities and its advantages to the logistics industry, Value-added to the industry, Implementation challenges, Finally with the conclusion and one best practice with ship chain company.
Blockchain Supply Chain : Supply Chain Blockchain Use CasesLeewayHertz
By enabling transparency across the involved parties in the supply chain blockchain, the blockchain establishes the trust level which has been challenging for the last many years.
With Supply Chain blockchain, you know who you are trading with, where the product has been originated from, who refined it and if the payment is fair or not.
All about Blockchain Technology and it's applications in Finance functionvinodavg
Blockchain Technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain
¿En qué aspectos la Blockchain podría ser útil en los procesos, productos, información y flujo de efectivo de cadenas globales de suministro? El 90% de los productos en el comercio internacional se mueven por mar.
- Trazabilidad de los productos
- Resolución de controversias
- Integridad y seguridad de la mercancía
- Cumplimiento
Paper de Yanling Chang, Eleftherios Iakovou y Weidong Shi
All about Blockchain Technology and it's applications in Finance functionvinodavg
Blockchain technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain’
The Role of Blockchain and New Technologies in Supply Chain in 2019Henrique Centieiro
How Blockchain is adding more visibility, transparency and traceability to the supply chain and at the same time removing the trust issue.
Supply chain is a big use case for blockchain.
Zensoft develops blockchain enterprise solutions for clients.
Henrique Centieiro presentation.
Reach out here: https://www.linkedin.com/in/henriquecentieiro/
Blockchain as the Backbone of Digital Supply Chains | Challenges for Supply C...Fluence.sh
The digital supply chain is one of the most popular methods of organization for resources, assets, people, and inventory transfers. But what challenges does supply chain face and how they can be solved with the blockchain technology?
How Blockchain could improve your supply chain?
- Deliver better customer experiences like GAFA
- Increase visibility and collaboration with your partners
- Manage IP and GDPR data
- Improve your forecast accuracy
Cell therapy use case
Blockchain and Supply Chain (Series: Blockchain Basics)Financial Poise
Traceability of components of products - from food to fashion - is central to the promise of using blockchain to organize and operationalize data from the web of supply chains. How would traceability bring value? How do blockchain and smart contracts work? And how would these foster traceability? What has been done so far in this regard? What issues and tensions account affect adoption of traceability, whether by blockchain or other means? We have assembled for this discussion a builder of blockchain-based traceability solutions, a traceability entrepreneur via blockchain and other means, and an intellectual property attorney (and former software engineer) who advises clients on technology-driven transactions.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/blockchain-and-supply-chain-2020/
Experion Technologies is an IT solutions & services company with a focus on software development, product engineering, digital transformation and technology consulting.
Technology tipping points Big Data and Blockchain use case presentationVinod Kumar Nerella
In this presentation, I am talking about the two technology tipping points big data and Blockchain.
In big data area, the presentation covers use cases in retails, financial and manufacturing sector.
Block chain and its main concepts are explained with the use case smart contracts is introduction and Blockchain can help manufacturing firms for efficient operations.
Enhance Your Career With An Online Degree In Blockchain For BusinessBlockchain Council
An online degree in Blockchain for Business will help any business to grow. This degree will give you an overview of blockchain basics, along with the consensus algorithms being used. Moreover, you will understand smart contracts and blockchain architecture better. With reduced costs and greater efficiency, blockchain use-cases allow employees to focus on better business decisions.
Blockchain in Supply chain Logistics: Discuss the journey to consider for planning your enterprise Blockchain soln and outline optimal strategy for your enterprise based on your market position and ability to influence standards and regulatory barriers.
Takeaways:
1. Blockchain – A Long Term Journey
2. Collaboration is key to reducing Supply Chain Black Swans
3. The Evolution and Disruption of the Logistics Industry
4. Optimal Blockchain strategy for each use case is dependent of market position and ability to influence standards and regulatory barriers
5. Short-term investment costs are outweighed by the long-term costs of getting left behind
6. Live Use Case
7.Strategy
How Blockchain In Supply Chain Can Help Overcome.pdfMindfire LLC
With bitcoins and cryptocurrency gaining much popularity over the last few years, its underlying technology — blockchain, seems to be the latest buzzword across industries. There seems to be a sudden urge among businesses to adopt and use the technology to significantly improve their workflow operations. The concept seems to have a promising future that would assist in solving several hold-ups of the existing technology gears.
Blockchain technology and supply chain managementAhmed Banafa
Managing today’s supply chains is extremely complex. For many products, the supply chain can span over hundreds of stages, multiple geographical (international) locations, a multitude of invoices and payments, have several individuals and entities involved, and extend over months of time.
How Retirement Services Providers Can Tap Blockchain Thinking and TechnologyCognizant
Blockchain's peer-to-peer transference technology offers numerous benefits - digital trust, operational improvement and cost reduction, enhanced customer experience, and business resilience. We offer a vision of blockchain technology's potential applications - experimental use cases - for the retirement services industry.
What Are The Features Of Blockchain Technology..pdfMavie Crypto
COMMENTS
Blockchain technology is quickly becoming one of the most talked-about topics in the tech world. But what is blockchain technology and what makes it so revolutionary
Blockchain Development Company
Blockchain Development Companyfor your assistance
Blockchain Development Companyto help you with your business to provide blockchain solutions that is best suited for your business with expert guidance.
Blockchain development Company in India
Blockchain development Company in Indiato build trust
Blockchain development Company in Indiawith robust technology to help any industry perfectly record each and every stage involved to provide 100% trust.
In the end, the blockchain is about more than simply cryptocurrencies and quicker peer-to-peer transactions. It is also a component of an ecosystem of cutting-edge but emerging technologies, including crowdsourcing, robots, and artificial intelligence, which are destined to play a crucial role in the development of society and business in the future. Blockchain will have an impact on how people and organisations connect, how businesses work together, how transparent processes and data are, and ultimately how productive and sustainable our economy is.
How Blockchain can bring Greater Value to Procure to Pay Processesaccenture
In this new Accenture document we discuss how blockchain technology can deliver real value to a financial service’s “Procure-to-Pay” process. For more information, see Philippe Guyonnet’s blog post: http://bit.ly/2gQs8nh
Supply Chain Effects of Implementing Blockchain Technology for L.docxcalvins9
Supply Chain Effects of Implementing Blockchain Technology for Logistics
Name
Institutional Affiliation
Abstract
The blockchain technology continues to gain recognition in the international logistics industry following the successful adoption of Bitcoin and other cryptocurrencies as modes of settling transactions. The technology ensures the security of transaction data through the decentralized storage of the transaction details as well as increasing the difficulty of changing the data. Currently, a number of businesses have adopted the blockchain technology in their supply chain management to enhance their operational efficiencies and consistency in meeting their quality demands. The current paper focuses on identifying some of the effects of adopting the blockchain technologies in contemporary logistics activities as well as the suggested applications in the future.
Keywords:
Blockchain, supply chain, logistics, Bitcoin
Introduction
The primary concept in supply chain management is the management of the flow or distribution of information, goods, and services effectively to minimize risks and enhance performance. Managing contemporary supply chains is a highly complicated activity due to the number of payments, information shared, the magnitude of distribution networks, and geographical extent that affects company logistics. As argued by Soosay & Hyland (2015), the rapidly occurring changes in the economy have necessitated various organizations to cooperate more closely to enhance the efficiency of their processes and increase the overall performance of the supply chain. Tsou (2013) observes that the supply chain collaboration offers a number of benefits that include enhanced service levels and cost reductions in addition to efficient and faster response to changes.
Nonetheless, the success of the collaborations between firms primarily depends on the levels of commitment and engagement by the partners involved in the supply chains (Moreira, Ferreira, & Zimmermann, 2018). Ralston, Richey, & Grawe (2017) point out some of the challenges in realizing successful such as differences in the application of information technologies in the supply chains, contrasting organizational objectives, varying or conflicting financial decisions, and power differences. The increasing numbers of stakeholders involved in the supply chains are partially responsible for such problems (Casey & Wong, 2017).
Blockchain continues to receive significant amounts of attention by logistics experts following the acknowledgment of the contributions of early cryptocurrencies such as Bitcoin, Litecoin, and Ethereum in the financial sector. Staples et al. (2017) insist that the blockchain technology has the far-reaching consequences that include changing industries, supply chains, and company cultures among others. The blockchain technology is widely considered a secure method of conducting transactions between multiple entities through digital decentralized .
In this blog, we will explore the far-reaching uses of blockchain and the incredible changes it is bringing about in a range of different business sectors.
Supply chain management (SCM) is the coordination of all activities involved from the creation to the delivery of goods and services, from the supplier to the end customer.
Blockchain technology has been making waves in various industries since its inception, and its potential to revolutionize traditional business models has been widely recognized.
How Salesforce is marking its stance with Blockchain TechnologySolunus, Inc.
Blockchain is one such technology that has given us a brand new reason to be happy and feel secure in this data-driven era. Learn more about how Salesforce is marking its stance with Blockchain Technology.
»»Repetitive, transaction-based compliance tasks can be routinized, thus freeing up professional resources to perform
higher-level analysis and institute qualitative improvements.
»»Trusted systems are essential when performing and validating compliance activities that rely upon RegTech.
»»Distributed ledger technology (blockchain) employs a permissioned consensus mechanism to confirm transactions, thus
heightening trust.
»»Blockchain will continue to be leveraged to improve transparency, strengthen internal controls, and provide greater
assurance to stakeholders.
Blockchain Disruption: How Is It Going To Affect Your Industry?Pixel Crayons
The innovation in various fields is making Blockchain, a promising technology. Yes, now it’s not just limited to the finance sector. The industries like healthcare, retail & eCommerce, transportation, and more are embracing this technology.
Therefore, the disruption is all around, and businesses are loving it. Blockchain implementation comes with incredible benefits like transparency, reliability, and more that no company can resist.
Now, it has really become exciting to uncover the benefits that Blockchain is rendering to every industry in the market. Don’t you want to know about this? Read on here.
In this blog, we will discuss how blockchain is affecting the market industries. Also, we’ll share the popular case studies to prove the technology’s reliability and dominance in the market.
However, jumping directly into Blockchain implementation without proper planning could be a costly mistake. So, it is better to understand Blockchain technology and then start a project with the help of a blockchain development company in India.
Characterized as a distributed ledger technology, blockchain records transactions between multiple parties in a way that is transparent, verifiable and immutable. ... At the same time, blockchain promises to be far less susceptible to fraud, which is a growing problem for manufacturers.
Blockchain, primarily associated with cryptocurrencies like Bitcoin, is increasingly hitting the radar screens of manufacturers as a mechanism to enhance supply chain visibility or promote supplier coordination around mass customization. These externally focused applications seem to hold the most potential for blockchain, as experts see far less applicability for blockchain to enhance existing technologies used to integrate internal manufacturing and automation systems.
La visión de Hyperledger, tecnologías Blockchain para la industriaRicardo Ruano
Hyperledger es un proyecto colaborativo de código abierto enfocado en tecnologías Blockchain de grado empresarial para cualquier industria. Es una colaboración global, organizada por The Linux Foundation, que incluye líderes en finanzas, banca, IoT, cadena de suministro, manufactura y tecnología. www.hyperledger.org
Esta presentación es parte de la la meetup de Hyperledger en Chile donde un variado público proveniente de diferentes industrias y actividades se vieron interesados de conocer la potente propuesta que Hyperledger ofrece para el desarrollo de soluciones empresariales con tecnologías Blockchain.
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3 Ways Blockchain Technology Will Revolutionize Supply Chain
1. TechFunnel.com is an ambitious technology media web
property dedicated to technology news, product reviews,
and analyzing how technology affects business, finance,
human resources, marketing, government, and everyday
life.
3. The supply chain process is both an incredibly important part of modern-day business and also a hassle of
paperwork, logs, and compliance. Defined by Predictive Analytics, the supply chain is, “the design, planning,
execution, control, and monitoring of supply chain activities with the objective of creating net value, building a
competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring
performance globally…it draws heavily from the areas of operations management, logistics, procurement, and
information technology, and strives for an integrated approach.” Clearly, businesses who are involved in
managing parts of the supply chain are handling a lot of moving parts in addition to the other crucial aspects of
running a business.
The process of potentially simplifying supply chain management might finally be here through the growing
accessibility and applicability of blockchain. Blockchain, a networked distributed ledger, is a great match for
helping manage supply chain processes. Defined by Blockgeeks, blockchain is, “A blockchain is, in the simplest
of terms, a time-stamped series of an immutable record of data that is managed by a cluster of computers not
owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using
cryptographic principles (i.e. chain)…The blockchain network has no central authority…Since it is a shared and
immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on
the blockchain is by its very nature transparent and everyone involved is accountable for their actions.”
Understanding this, it becomes more clear how the supply chain can be benefitted from blockchain technology.
4. Using blockchain technology in supply chain management
Here are some of the main ways that industry experts believe that blockchain technology will help revolutionize supply chain
management.
1. A better understanding of and compliance with regulations
There are stringent regulations and rules about how and what can be transported both nationally and globally. From finished
products to raw materials, local and federal governments require reporting and documentation that all shipments are in
compliance with business and trade laws. Blockchain provides a better way to record and track the ways materials were
sourced or how products were manufactured. A writer at Forbes notes, “Producing a report showing compliance means
aggregating all of this recorded information, whether internally generated or from suppliers, and presenting it in a
government-mandated format. Much depends on the validity of those records—and the ability to prove it.” Blockchain, with
its ability to create more accurate logs and records, gives businesses a way to prove an immutable paper trail for all the
compliance and reporting needs. It also provides an easier way to share these reports with customers – like those, for
instance, who want validation that materials were sourced ethically.
2. Better financial outcomes, reporting, and cost-effectiveness
Better documentation can create increased savings and revenue for supply chain providers and partners. For instance, a more
accurate shipping and transport record could help to reduce costly disputes with suppliers and avoid late shipment penalties
or compliance fines. Because it can also detail everything from shipping routes to unloading times, blockchain records in
supply chain management have the capability to help reduce and mitigate costly product or supply damage. Finally, blockchain
technology may be able to reduce the overall cost spent on the supply chain documentation technology that businesses
implement.
5. 3. Better partner and supplier relationships
The supply chain is just that – a chain of various businesses who are involved in creating and distributing the product.
Businesses need to be careful about who they are partnering with to help them manufacture and manage inventory. A
blockchain record can help companies better understand the performance metrics of partners, including contract fulfillment,
quality, volume, price, sourcing, and negative incidence rates, and more. Blockchain records allow these kinds of reports to be
shared across industries to help build customer trust. It also provides both sides of the business with a better transactional
recording of processes like legal and compliance issues, sourcing, procurement, accounts payable, and human resources.
How can blockchain technology help your business? Because of the amount of paperwork, tracking, and recording that goes
into successful supply chain management, many of the technology capabilities provided by blockchain software can improve
supply chain processes. Blockchain technology can effectively help to increase transparency and reduce errors in the supply
chain management process. Often times supply shipments can include dozens of documents with revisions along the way,
leading to potential delivery delays, duplication problems, time wasted on reconciling documents, and even fraud. For supply
chain providers or businesses who want to provide more exacting documentation, save time and money, and simplify many
parts of supply chain management, blockchain is the way forward.
Read relevant article: How Blockchain Technology Can Empower Supply Chain
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