Supply Chains Set to Embrace Blockchain for Speed, Accuracy and Transformative Changes Blockchain technology has immense possibilities in the situations that require visibility across multiple participants, entities and levels, and supply chain is one among them. Of course, the distributed ledger technology (DLT) of blockchain isn’t broadly usable but its specific industry applications cannot be more compelling than in modern supply chains that operate across geographies in multiple time zones. Having the quality information is important for making best decisions for a supply chain, and this is something that makes supply chains so much promising for the businesses involving large supply chains. A supply chain blockchain can provide real-time data and other details related to what phase or temperature and humidity conditions a particular asset is while being moved through the supply chain. This way, a blockchain solution can better predict when the shipment will arrive and in what condition. This capability of the blockchain provides greater traceability of the goods and allows business managers to devise just-in-time planning to reduce wastage. Blockchain to trace food and logistics conditions For instance, in the case of food scare, blockchain can tell which food packets need to be withdrawn as it keeps the historical record of every touch point of the products’ movement, and all supply chain participants can see what every other partner is doing to the products in the supply chain. This becomes possible by combining real –time data from a variety of IoT devices that mitigate risks for the consumers. This level of extra visibility and transparency provides immense amount of collective security to the supply chain blockchain participants. This way, the companies can ensure product safety, originality and authenticity, and maintain the customers’ confidence in their technology as consumers can be assured that the company has the technological capabilities that afford it the ability to act quickly to address their concerns.
Ensuring true version of information for all As everyone has access to the same true version of the information, the supply chain blockchain is highly resistant to corruption. Moreover, since the data in a blockchain resides on several computers or nodes, there is no single point of failure and it can’ be controlled by a single member. Tech industry giants including IBM, Samsung and Alibaba have invested heavily in this technology as it promises to address some of the most pronounced challenges impacting the supply chain management. Blockchain solutions for startups and SMBs Blockchain has already been widely embraced in the banking and Fintech industry where the transactions are clear. With its millions of moving parts and the need of trust, traceability, accountability and immutability, use of blockchain in supply chain is quite natural. A large number of startups are looking at the promise of the technology to solve their critical supply chain solutions. Given the vast amount of paperwork needed for a supply chain, self-executing smart contracts can be used effectively for speed, trust and automated transactions. Group50 offers supply chain blockchain consulting to SMBs that want to leverage the benefits offered by this fast evolving technology. They are apt in providing private, permissioned blockchain that can be used within the security of an organization’s IT infrastructure with permissioned access by only the authorized network participants of other stakeholders and organizations. Blockchain involves the continuous updating of the ledger, and with their blockchain consulting & solutions, Group50 can help your organization overcome the tech barriers to scaling up a blockchain solution that befits your specific business needs. Contact Group50 for further details.
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