How can Blockchain revolutionize Supply Chain Industry?

It is hard to believe that this question has been discussed for over a decade, and yet it still hasn’t found its answer. The challenge was how to make the technology work in such a way as to not interfere with what we already have. But it also needs to take advantage of all its good points. I will describe how companies are overcoming these challenges and implementing Blockchain into their supply chain industry.

  • Blockchain is a decentralized, public ledger of transactions that are recorded chronologically.
  • It is used to record and track assets through the supply chain.
  • The Blockchain will be able to provide an immutable history of all transactions for each asset.
  • A single digital token can represent any type of asset on the Blockchain. It might be physical goods, stocks, bonds, or even just currency.
  • This will make it easier for businesses to manage their inventory and track shipments more efficiently.
  • Blockchain is a new technology that some companies are using. For example, Walmart uses Blockchain for its food safety program with IBM Watson Health. FedEx uses Blockchain for its logistics tracking system with CargoSmart Global Trade Services.

If you need to implement blockchain infrastructure for your business it professional services companies.

What is Blockchain, and how does it work?

Blockchain is a technology that has the potential to revolutionize the supply chain industry. Blockchain is an immutable public ledger of transactions, like Bitcoin. The blockchain ledger consists of blocks that are stored in chronological order and secured by cryptography. These blocks contain batches of valid transactions that are collected into groups called “blocks.”

A block can only be updated with another block containing more recent data or when all subsequent chains have been appended. This makes it impossible for older records to tamper with new ones because they would need control over every subsequent block in order to update them after tampering one further back on the chain (as each block contains its own hash).

What companies around the world are using Blockchain?

Blockchain is a technology that forms the basis of cryptocurrencies like Bitcoin, but it has many more potential applications. Blockchain can be used to securely share data across enterprises and organizations without compromising privacy or confidentiality.

Blockchain is an application that can be used in supply chains. When someone buys something, the person who sold it records its history using cryptography. The person who bought it then records their own history with that same cryptography.

A block can only be updated with another block containing more recent data or when all subsequent blocks have been added. Old records cannot change new records because they would need control over every other consecutive block to update them after changing one even further back on the chain.

Benefits of using Blockchain for supply chain management

  • The technology is decentralized and therefore more secure because there’s no central point of failure.
  • Transactions are open to all participants, which means that information can be shared within the network without compromising confidentiality.
  • If you want to make changes to a blockchain, you would need to hack (break into and take control of) 51% of the computers on the network. It can be hard and expensive because it needs a lot of power.

Disadvantages of using Blockchain for Supply Chain Management

All participants need to have access to the network, which could be difficult if suppliers are in different time zones.

It’s important that all of the data you put on a blockchain is accurate, or else it won’t work properly.

Blockchains can store vast amounts of information, so managing this would take up storage space and computing power.

You don’t own your data because it is shared with everyone on the network when you create an entry on a blockchain. This means they can see what you’ve written, but also anyone who has permission (like companies) may also read what you write.

Experts like computer programmers and cryptologists need to manage the technology before we fully benefit from it.

Why should we use Blockchain for supply chain management?

The whole process can be automated, and everyone in the network will know what is happening with every product.

This means they can see where it came from and where it’s going to ensure that everything reaches its destination without any problems.

Information about products is currently tracked on paper. But blockchain technology allows us to track information quickly and securely. This would allow for problems to be noticed more quickly if they arise. So that someone can take action before anything serious happens. This works because all countries have access to each other.

Challenges and opportunities with implementing Blockchain in the supply chain management

One of the challenges with implementing Blockchain is that it’s not always easy to make use of this technology. A lot of people are still unsure how it works and why they need it in their business. This makes them hesitant about moving forward with the implementation process. It means there may be problems along the way because no one will notice if something goes wrong.

Blockchain is a new technology that can be used for supply chain management. There are many benefits for companies who use it, including having better transparency, faster transactions and easy compliance verification. It also reduces fraud because everyone can see the information at the same time.

What Industry uses Blockchain?

  • Banking Industry – SWIFT, Ripple, Hyperledger.
  • Manufacturing Industry – Provenance, Ever ledger.
  • Industrial Manufacturing Industry- Maersk, IBM (via Trade Lens), APL Logistics (via Cargo Smart), GE Healthcare (via BlockRx).
  • Transportation Industry – CargoX, Block freight.
  • Supply Chain Management Industry- Provenance, Fluent (via Consensus).
  • Logistics & Transportation Industry – IBM Blockchain Platform via Maersk.
  • Food Safety and Traceability in Food Supply Chain Industry
  • Walmart China Blockchain Project, Unisto /IBM’s Partnership for a blockchain supply chain project in the food industry.      
  • Zest Labs partnership with Nestle SA to provide transparency across the global cocoa supply chain using blockchain technology. True Origin makes QR codes for products. They can put a code on a product, so people know it is from the company True Origin. The code will say where the product came from and when it was made.