The Promise of Blockchain for Supply Chain Management and Its Resilience A supply chain, which is essentially an end-to-end system, creates products and service and delivers them to the customers. It consists of various components, like:
Natural resources Materials Parts and ingredients Finished goods Retail
Supply chains need to function in reverse direction as well A supply chain need not be unidirectional, so if a customer wants to return a product and ask for refund, the supply chain should also allow for returns, reuse and recycling. No doubt that a supply chain is critical for a business, however, the current supply chains are overridden with a number of issues that slow down their performance, like quality and procurement costs, difficulty in tracking, globalization and corruption. For this, businesses need a solid supply chain management (SCM) in place to look at the management of flow of goods, materials, information and services as well as distribution and fulfillment of goods. A well planned SCM will allow for: Improving the quality of improvisation Accelerating production and distribution, and Increasing sales by reducing the cost and complexity of the manufacturing process
Blockchain technology can definitely help in fixing these issues of SCM and also improvise upon the efficiency of the supply chain operations. Enter the blockchain The key elements of consensus, reliability, integrity and trust for successful running of blockchain for SCM are provided by the technology. Moreover, there is no dispute about the transactions as all the participants have the same true version of the ledger. Every participant can see the chain of ownership of assets in a supply chain as the records are saved in the blockchain in an immutable way, which is crucial to maintain their transparency. Integrating blockchain in supply chain management Blockchain and supply chain management complement each other, all the flaws and pain points of the existing supply chains can be addressed with supply chain blockchain consulting. Integrating blockchain in supply chain management helps in the reduction of time delays and human errors. It can improve on many other aspects of supply chain management (SCM) such as tracking the product journey and procurement orders, verifying the validity of the certification of the products, and sharing the information about the manufacturing, assembly, logistics, delivery and maintenance of the products with various stake holders and vendors. Blockchain for supply chain management holds tremendous potential for SMBs and enterprise level businesses, with leading players like ecommerce giant Walmart, the world’s largest mining firm BHP Billiton and the diamond supplier De Beers already using blockchain in their supply chains to track the journey and conditions of the goods they source from various regions of the world. Blockchain supply chain consulting for SMBs If you are a business owner and want to know how blockchain can help improve your supply chain operations, then you can seek supply chain block chain consulting from Group50. The business consulting has come up with its proprietary Scioebc supply chain which is an IoE plug-n-play solution developed
by supply chain subject matter experts and seasoned developers. They have served a broad range of industries including food and beverages, healthcare, aerospace, manufacturing and retail, and non-profits. Contact Group50 for supply chain blockchain chain consulting and explore the possibilities of how a custom and permissioned blockchain for supply chain management solution could help you in providing the needed resilience to your supply chain, and improvise your ROI.
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