Well ability to track and facilitate Smart Contracts, eliminating the middleman, and an unalterable distributive ledger to begin with. Yes! Blockchain is topping the charts everywhere. It has huge potential being a disruptive technology platform, “Being an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”- as described in Blockchain Revolution by Don and Alex Tapscott. World Economic Forum claims that Blockchain will upend business models and disrupt industries. The simple two party nature enhances validation and mitigates fraud. The future of Supply Chain Operations talks about a world where technologies are entwined with Blockchain to Artificial intelligence. The old days are gone when SCM was technology enabled, the spotlight has shifted where technology is at the centre of the SCM universe.https://business.moglix.com/blockchain-technology-and-supply-chain-transformation/
Supply Chain Digitization: The Blockchain Revolution
Most of the supply chains today are involved in multiple partners across the globe making it one of the most complex wings of an organization. “It’s not the organizations that are competing; it’s the supply chains that are competing.” Wael Safwat. It’s simply not simple as Elon Musk has said “the supply chain stuff is really tricky.” There are challenges that have significant implications in terms of cost, speed and quality. Moreover, one must not forget the lack of transparency, due to data unavailability, has always been an Achilles’ heel for organizations. Laborious hours of manual paper work, little or no information regarding the transport history of a product makes it really tricky overall.
Blockchain Revolution: The Midas Touch
The scalability factor of blockchain provides that Midas touch as any number of players can be seamlessly integrated into the system. Once a data has been entered into the block it is impossible to alter it , its distributed storage nature prevents it from the potential cyber attacks. It enables each and every individual in the chain to have a copy of the data making it more transparent than any other system out in the market hitherto. It does not mean that retailers would have the risk of losing out on confidential data as by enabling specific access rights the confidential corporate information remains protected and overall transparency remains intact.
The future of an end to end blockchain enabled supply chain is a smarter one. It is a future that runs parallel with advanced analytics and Artificial Intelligence, a future which is not far fetched as blockchain testing programs are in process of evolution from mere pilot tests to real world platforms. Efficient workflow programs are being laid out by different companies in a world where Supply Chain Management (SCM) stands out to be one among the big killer apps.