Solving Complex Supply Chain Problems by Pairing Iot and Blockchain The combination of internet of things (IoT) and blockchain is disrupting a lot of operations in various business segments including supply chain where these technologies can provide major benefits to various stake holders including the manufacturers, suppliers, warehouse, distributors, transporters and logistics services providers. While the merging of IoT and blockchain technologies in supply chain operations is still in its infancy, their ability to help the enterprises reduce their dependency on intermediaries and enabling efficient batching and routing could help deliver them significant business value and competitive advantage. What supply chain pain point blockchain can solve The data stored on a device which is neither trusted by other parties and nor is accessible to them is one of the pain points that blockchain solves for supply chains. Blockchain can help unlock the potential of IoT with a distributed, shared ledger that keeps records in an immutable, verifiable event log to which all network participants have access. Reacting in real time Let’s take this example of today’s globalized supply chain. By using a combination of IoT-based statuses published in a secure, distributed blockchain could allow a US based manufacturer to raise a purchase order on a supplier in India and simultaneously tasking the logistics service provider (LSP) in Cambodia to deliver the goods. The supplier could publish the production status on their IoT platform,
allowing both LSP and the manufacturer to track the same true version of the information. The LSP would provide the status of the container movement based on the embedded IoT devices, thus allowing all the network participants to effortlessly track the status of shipment and execute cross-border transactions. Data driven insights Such global supply chain operations are possible and have been implemented successfully by many big players of the supply chain industry. With real-time access to data that could also be combined with third-party data sources, companies can react swiftly to unexpected supply chain disruptions, providing them the agility and resilience to remain competitive and optimally meet customer demands at all levels and at all times. Use cases of IoT in supply chain blockchain Application of IoT and blockchain in supply chain has already found widespread uses in food traceability; automotive parts supply chain monitoring and RFIDdriven contracts. One can get insight into the provenance of the food product one is purchasing by simply scanning the barcode to get the entire chronological history of the product’s journey till it landed in your hands. Similarly, RFID tags for containers store useful logistical data related to location, date and time which can be sent over to the cloud and a smart contract to act upon it. Smart contracts can help improve the efficiency of supply chains by providing them the speed and addressing various pain points to pave the way for smarter supply chains. Supply chain blockchain consulting services However, transition to blockchain supply chain won’t happen overnight. Supply chain blockchain consultants can help you integrate IoT in your supply chain in little segments that you can allow them to extend to other segments as per your experience and the outcomes you want to obtain. Integrated IoT-blockchain solutions are evolving as they are being implemented in various supply chains. IoT consulting and solutions provided by the trusted business consulting Group50 have delivered impressive results of SMBs venturing into the uncharted waters of IoT blockchain for supply chains.
Scioebc is a plug-n-play solution developed by Group50’s supply chain blockchain consultants to drive the transformative changes in the way businesses are run internally and externally. This permission based blockchain solution is built on an IoT platform that utilizes “proof of state” consensus model to create a chain of custody with full provenance for all segments of a supply chain. Contact Group50 supply chain blockchain consulting to leverage the benefits of integrating IoT in your digital supply chain.
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