Supply Chain Blockchain for Unparalleled Visibility and Resilience End-to-end visibility is required for precise planning, execution and resilience of supply chain. Most organizations often have limited visibility to their supply chain and those who have achieved high visibility often have done so using the technology that is costly to implement and operate. Complex ecosystems are emerging in virtually every industry segment delivering smart and connected products. New technologies are presenting promising opportunities for improvement across the full spectrum of supply chain operations and management. With the increasing adoption of blockchain, many organizations are exploring the use of this disruptive technology outside of their finance services domain. Blockchain solutions for supply chain provide a superior integration model to the businesses that deliver more real-time and accurate information than VANs, cloud hubs and GDS services. Supply chain blockchain provides disruptive solutions to the manufacturers and suppliers at a time when transparency, speed and agility are critical.
Blockchain technology can improve the responsiveness of today’s complicated supply chains by: Time stamping, tracking and automating transactions so that the events can be audited in real time. Setting up a wide range of self-executing automated smart contracts to automate the repetitive tasks such as billing and shipping. Trust and transaction validity enforced via the consensus algorithm without the need for third-party verification or audit. Establishing the proof of provenance, quality, payment and performance to minimize the chances of fraud and counterfeiting. Providing high data resilience as its distributed ledger technology and peerto-peer network makes it independent of any single data repository to secure the transactions. Trustless transactions Trust is an integral part of any supply chain that develops over time as manufacturers and suppliers work successfully over time. When suppliers share financial data and even intellectual property, the trust they’ve developed in eachother’s integrity offsets the risks. But in today’s complex supply chains, participants don’t know each other personally and often lack visibility into each other’s activities and data. With its immutability of transaction records, a blockchain inbuilts the trust within the ecosystem. The technology provides a shared, trustworthy platform to assess the financial strength of the vendors, quality standards and conflict resolution procedure. It makes onboarding of new suppliers much faster and more efficient, with much less time needed for due diligence. A supply chain blockchain helps the participants to record the certification, quality, date, location, quantity and other relevant details for efficient management and operation of supply chain. The availability of this information helps in: Increasing the traceability of material and products
Improving visibility and compliance for the outsourced partners Lowering losses due to counterfeit and grey markets Potentially enhancing an organization’s position as a leader in responsible manufacturing Moving forward Blockchain-driven innovations in supply chain have the potential to deliver tremendous business value by improving supply chain transparency and reducing risks. As supply chain blockchain gathers critical mass, it’s easier for others to jump on board and receive the benefits. Some of the most publicized blockchain use cases include product provenance and safety applications. Examples of the enterprise level organizations to startups already using blockchain in their processes include BASF, Everledger, Maersk, Walmart and BiTA. The seasoned supply chain blockchain consultants of Group50 could help you in developing the most appropriate supply chain blockchain solution for your business and take up the first step. Group50’s blockchain consultants will help you know whether and how to capitalize on a blockchain initiative, and how to integrate it with other digital technologies of your organization to achieve greater synergies and best business outcomes. You can contact Group50 blockchain consultants to discuss your business situation and needs with them.