Enterprise Blockchain and its application to making supply chains more efficient have been discussed for many years now, experts even say that within the next few years could become part of daily supply chain operations.
For those of you out there that have a mild interest in Blockchain or are perhaps a Supply Chain Officer yourself, this guide will give you the advantage to get up to speed on Blockchain and how it will revolutionize supply chains.
What exactly is Enterprise Blockchain?
There is a lot of misunderstanding as to what Blockchain is despite the fact that a lot of leading industry giants in Healthcare, government, and Tech are already using it in their foundations. Blockchain is a digitalized, decentralized way of storing data. This data cannot be accessed without a pre-approved login making the records completely confidential, which is always a benefit in today’s world of cyber-security.
What are the applications of Blockchain to Supply Chains?
· Security – All parties will be knowing, confidential participants on the network. Blockchain, at its core, upholds security and confidence at its very core. Only pre-approved parties can access the confidential records, whether that be stock numbers, supply orders estimated delivery time as well as locations around the world.
· Traceability – This is a big one. In today’s technological world of order tracking, KPI’s and attention to detail, it is greatly important to keep up to date on any delays of stock, where the stock may be geographically, and with whom. Blockchain is able to track products at every level of production, management, and distribution. This in turn creates peace of mind, and trust in both the Blockchain network, application, and with the organization using it.
· Product Shipping Environments – Supply chains may need to handle goods that require specific temperature, fragility or light conditions in order to have their condition be preserved. Blockchain can work with automatic sensors to accurately track these conditions and feed those readings as information into the Blockchain network for all participants to see.
Blockchain has already made headway in industries such as Government, Fashion, Healthcare, Cybersecurity, and Food production. In order to take real advantage of Blockchain and its various benefits, you need to ensure that your operation is a good fit for Blockchain. Of course, everyone wants efficiency, security, and transparency at every level of business.
If you are a jewelry supplier, and as part of your business you want to ensure that the jewelry being sourced has been ethically mined and cut, with Blockchain you will be able to track where the stones were found in the mind, where they were cut, cleaned and how they were transported to yourself.
Enterprise Blockchain is making its way into major industries and as more and more companies are made aware of its potential and begin integrating it into their daily operations, the more understanding people will be of Enterprise Blockchain, how it applies to their business and how they can integrate it into businesses training courses will create a lot more peace of mind and confidence in smaller supply chains as well as global ones.
· Iansiti, M. and Lakhani, K., 2017. The Truth About Blockchain. [online] Harvard Business Review. Available at: https://hbr.org/2017/01/the-truth-about-blockchain
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