Blockchain's Role in Advancing Supply Chain | From Food to Healthcare
Posted by MuBlockchain on December 11th, 2020
The buzz of blockchain technology in the news these days makes it sound like an efficient alternative to address business problems. In this blog, we assess blockchain supply chain development, including benefits, crucial aspects, use case, and network types.
Initially, blockchain provided frameworks to facilitate transactions with bitcoin without any intermediary involvement. This characteristic of blockchain technology remodels transaction mechanisms of not only digital currencies but also a variety of information storage and sharing. Essentially, it highlights the potential to boost the productivity and profitability of most businesses, if not all.
We aim to provide you with a better understanding of what blockchain technology is all about. We find out how it saves us time to learn, test, and analyze the value of operations.
Blockchain is a technology that, with no intermediation of a trusted central entity, can allow validated data communication across most players involved in a supply chain. It can improve transparency across a supply chain by verifying and adding data in real-time. Essentially, a blockchain is a technology that enables individuals who do not know each other to trust a shared ledger of events, according to the Bank of England.
Features it provides are product traceability, fast time-stamped transactions, a distributed ledger that is censorship-resistant, and more. Its potential value drivers include increased operational supply chain efficiency and transparency, lowered risk of fraud and grey market trading, enhanced control over the management of outsourced contract management, and more. RFID, sensors and IoT applications, AI and machine learning, existing ERP, EDI, etc., systems, distributed databases, cloud-based solutions, and more technology integrations are feasible.
Use Cases | Blockchain in Supply Chain Development
Blockchain in the Shipping Industry Supply Chain
An established shipping firm piloted blockchain technology for shipment tracking. It enabled consumers, sellers, and officials around the world to track various information goods delivered to them. Before arrival, products travel across borders and authorities. Subsequently, it leads to managing reviews and approvals from up to 30 parties. It results in creating a large amount of paperwork and creating opportunities for fraud at several points in the process. Thus, it results in the loss of billions of dollars in maritime trade each year.