Blockchain & Supply Chain Management: An Overview

  • Advanced traceability: Combined with IoT-based devised, blockchain in the supply chain can automatically collect the item-level data of massive quantities of products in real-time. Additionally, this information is associated with timestamps and collection of locations to form an audit trail that is complete, accurate, and easy-to-access, from the product’s origin to the customers.
  • Improved transparency: It enables all parties involved to know exactly who is doing what, at what time, and where, collecting and sharing all the data in distributed ledgers accessible to authenticated stakeholders and enabling businesses to make better decisions and forecasts.
  • More efficiency: Today, supply chain processes are governed and regulated by paper-heavy processes. The self-executing, anonymous, and digitalized blockchain and smart contract application would allow us to replace this old system, eliminate human error, improve flexibility, and then, save money to the companies with a safer and faster process.
  • Source visibility: Competitors might be able to view supply chain sourcing details. The identities of parties involved in a transaction or movement of goods are hidden. Only their public keys are visible to the rest of the network, but new public keys can be used for each transaction for added security.
  • Supply chain security: Using distributed ledger technology could put supply chains at risk of a cyber-attack. As with any other technology, organizations need to have in place a robust cyber defense strategy to tackle any cyber-attack possibility.
  • Data ownership: The application of blockchain in conjunction with internal local data system allows the ownership of a supply chain to share key information about its business with its core suppliers and partners to foster collaboration and the overall efficiency of their activities.
  • Transaction Volume: Competitors might be able to estimate the volume of our transactions. This concern has no ground, however, since the contents of a tracking record on the blockchain can be encrypted.

Fintech is the future of finance, are you ready to join the revolution?

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