Blockchain Supply Chain Management

Discover why some of the top minds in business are estimating that applying blockchain to global supply chain management could result in over $100B of efficiencies, as well as improved product safety and traceability. Up until this point, we have covered many benefits the application of blockchain in supply chains brings to this industry, as well as how blockchain could combine with emerging technologies to double down on the value proposition. Now, we will look at more deeply how companies that we studied are applying blockchain to solve needs that cannot be solved by existing technologies and methods.

 

In most cases, these companies are using blockchain technology as a tool for visibility of supply chains and traceability of products, but a few are applying it as a tool for streamlining transactions and expediting the movement of information, goods, and materials. Lest you think that blockchain solutions are only suited to high-value products like diamonds and jewelry, an industry producing an item far less expensive, yet a much-valued commodity, is using this technology to enhance its supply chain visibility, too. A range of companies are exploring the benefits of using blockchain technology in related areas, such as introducing smart contracts, adding greater rigor to payments on buy orders, or in the demand chain, where real-world signals about demand are allowed to spread faster through upstream supply chains.

 

Many of these supply chains do not require blockchain technology to address these issues, since they could use existing technologies better suited for their high-volume transactions, whether alone or in collaboration with partners. Part of the attraction to using blockchain for increased efficiency and speed of supply chains is that these applications, like the ones used for improved tracking, only require participating companies to share limited data--in this case, just the data about inventories or deliveries.

 

The shared-ledger technology provided by the blockchain allows participants on the enterprise network to record the history of trade transactions, which is tamper-proof and cannot be altered. Blockchain records can transparently validate certifications, official legal documents, and immutable record-keeping coordination, preventing counterfeiting or fraud. Blockchain-based supply chain management systems enable precise record-keeping and provenance training, including the product information that can easily be accessed via embedded sensors and RFID tags.

 

With the smart contracts, blockchain can be applied for precise licensing of services, software, and products. By replacing the need for a third-party middleman, and eliminating reliance on pen-and-paper by using smart contracts, Blockchain can also reduce operating time. Efficiency -- When applied globally, blockchain in supply chains would improve efficiency of the $18 trillion worlds trade finance market,18 by removing third parties, paper documents, and time-consuming verifications instantly from the supply chain equation, thus reducing conflicts and improving collaboration. Learn how and why blockchain technology is now being used already by a number of top organizations, including retail giant Walmart, food and agriculture giant Cargill, and several others, making many top organizations supply chains safer, more transparent, and more efficient.

 

The growing adoption of this technology across the supply chain sector makes it an ideal time to work with an experienced Blockchain development company like AUTHENTIUM, and explore many of the use cases for combining the technology with processes. For businesses willing to accept the changing face of supply chain management and invest in the necessary networks & technologies, Blockchain holds the key to unlocking lower costs, increased efficiencies, and stronger positions in the busy, competitive market. Increasingly, companies are looking at blockchain technology as a solution for deepening complexity in globalized commerce, according to reports from DHL and Accenture. Leading companies such as Maersk and IBM are developing platforms to take advantage of the visibility and transparency that blockchain technology offers from end-to-end. This can mean saving billions by eliminating electronic data exchange (EDI) and paper-based systems, improving inefficiency, and much more.

  

Industries are adopting blockchain and using it to address long-standing business challenges. Companies who want to assure customers they share the same values on environmental stewardship and sustainable production are using blockchain. With AUTHENTIUM managed blockchain, retailers can record and share sustainable, ethically food ordering.

 

The use of blockchains in supply chains could very well become an end-all-be-all solution for transparency and insight. In blockchain-enabled supply chains: The buyer places the PO on a smart contract ecosystem, the raw materials provider receives the information, and ships the raw materials to a manufacturer that produces for the contract, then the system sends the notification to an inspection body that records details about the goods that are being examined.

 

Blockchain technology has potential to solve information-flow bottlenecks by using the permissioned open ledger system, which creates an ecosystem in which information flows publicly, though permissioned, thus reducing assumed risks in the supply chain, thereby reducing total supply chain costs, and at the same time making supply chains more flexible and adaptable. Since moving the whole supply chain platform onto a Blockchain would take significant resources and efforts, therefore, it is better to start with fewer blockchain-enabled features, for instance, on shipping tracking, AUTHENTIUM will lead to increased transparency in logistics processes, causing no systematic losses, likewise, one can keep on adding blockchain features in the supply chain one by one.

Reviews

[JayG]

"Blockchain" is the bullshit term of scammers these days. In and of itself it's meaningless, and is impressive ONLY to those who don't know computers. As someone who spent 40 years in the computer field, designing everything from computers to barcode scanners, to military equipment, to truck fueling systems, I can tell you that most of what's said here is 100% nonsense. For example:

"Blockchain is a method of distributing data in a way that makes it difficult to hack, or lose due to an equipment failure. And that's it. There's no magic, not great computing breakthrough, and it gives no new capabilities to the computer."

• The use of blockchains in supply chains could very well become an end-all-be-all solution for transparency and insight.

This is pure nonsense. Blockchain operation is used for by the cripto-currancy industry to safeguard your money. That way one computer failure can't cause them to lose the records of your money, And, it helps prevent hackers from getting to it. And that's it.

In short, this is a scam.