Game changing benefits of block chain technology for supply chain “Blockchain is an open distributed ledger specifically designed for the supply chain where transactions between two or more parties can be done in a verifiable and permanent fashion that cannot be changed once recorded.� It is a decentralized system where data is distributed instead of being transferred or copied. This transparent ledger maintains the integrity of all the transactions and provides real-time access. Blockchain is a chain of ordered digital records termed as blocks that are linked using cryptography. This technology can be utilized in various industries and in some it has already been implemented innovatively. Blockchain technology has fraud resistant features which makes the cases of data breach or cyber-attack almost impossible. Group50, a leading supply chain blockchain consulting firm recognizes the importance of the blockchain for what it is; a disruptive technology that will drive transformational change to the way business is done both internally and externally. This is especially true for the supply chain. There are many types of blockchains and multiple technology platforms. They have created a plug and play permission based blockchain solution built on an IoT platform that is driven by smart contracts. This approach creates an immutable chain of custody with full provenance that mimics the value add workflow in a supply chain. Major benefits of blockchain technology in supply chain Eliminates the risk of fraud As blockchain is a transparent system, no tampered information can be entered into it. Any sort of fraudulent activity or tampering will be surely visible in the
blockchain. This completely eliminates the risk of any kind of information breach or product counterfeiting in the supply chain. Ensures traceability Using this technology, the flow of goods and products can be traced at every stage of the entire supply chain. All the records entered in blockchain systems are incorruptible which maintains the integrity of the information. Improves transaction and payments flow Time taken to validate all the transactions between the parties (providers and clients) reduces significantly. Transactional information like contracts, orders, signatures, payments is accessible to all the business partners in a blockchain enabled supply chain in an extremely secure way. Secures the entire supply chain Every product is recorded with a tag in a blockchain that provides the authenticity and secures the supply chain. All the information of the product such as the provenance, place of storage, authenticity is recorded in a single transparent ledger. Blockchain technology is changing and evolving at a frenetic pace. It will be impossible for people in any organization to stay abreast of those changes. As a result, it is important that companies follow a specific methodology for education, planning the use cases, creating a technology roadmap and implementation. Companies interested in taking this journey can contact Group50’s blockchain technology consultants as they can be your partner in adopting and managing this transformative technology in a way that is both scalable and sustainable. They recommend that the very first step is a customized Blockchain Immersion Workshop where the entire leadership team can get on the page with understanding Blockchain business applications.
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