Role of Blockchain in the growth of Supply Chain Management A supply chain is defined as a movement of the work-in-progress inventory i.e. raw material from the place of its origin to the manufacturing point and to the customers. This process should be well designed and follow the steps of delivering the products to the consumers when it is required. On the other hand, Blockchain is a distributed digital ledger which can be utilized for tracking, exchange of agreements, smart contracts and payments. It records the transactions in the blocks which are highly secured and cannot be altered. Introduction of Blockchain in Supply Chain Management Blockchain can prove beneficially for the digitized supply chain. It can help the customers and business to track their products easily from its starting point of pickup to the time it reaches to the end consumer. Blockchain will save the transactions in a digital ledger which is safe and shared between the two or more verified parties. Once the data is recorded it cannot be altered or changed which reduces the chances of frauds, errors and tracking fees. At Group 50, they have recognized the importance of blockchain that how it will bring a transformational change in the way business work. They have designed a plug and play permission supported blockchain solution which is based on the IoT platform and driven by smart contracts. This approach works well for creating an immutable chain of custody with full provenance that imitates workflow in a supply chain. This chain of custody will be utilized in a wide range of cases. However, blockchain is used for various purposes but they are mainly focused on some limited supply chain use cases:• • • • • • •
Food Automotive Healthcare Oil and Gas Aircraft Compliance and Regulatory Intellectual property rights
At Group 50, they are developing a blockchain solution which is based on Hyperledger and powered by THINaer a platform for the internet of people, things, and places. It has a great ability to collect any kind of sensor data belong to the product during its life cycle. The
blockchain will offer more competitive benefits to early adopters who recognize that blockchain applications can:• Lessen cost • Automate transactions • Change the business processes • Eradicate the role of intermediaries • Streamline the internal and external operations • Centralize documents and reports required for compliance and regulatory reporting • Provide fraud/counterfeit detection – IP protection • Build a competitive advantage Blockchain Technology is changing at every pace and it will be difficult for people in the organization to keep updated with such changes. If you are one of those companies interested to explore more about blockchain then you can join the Group50 workshops which are specially designed according to the different business requirements. Group50 offer consulting services of subject matter experts in Blockchain and IoT strategy and application to supply chain and regulatory reporting. You can apply for their different workshops that include:• • • • •
Blockchain and IoT Economics and Governance Workshop Blockchain and IoT Immersion Workshop Blockchain and IoT Strategy Workshop Building the Business Case for Blockchain and IoT Blockchain and IoT Implementation Roadmap Workshop
To get more detail information contact the Group50 experts today
Visit:Group50.com