Blockchain for Supply chain
How Can Blockchain Transform YOUR Supply Chain And Logistics ?
What are Blockchains?
First, the blockchains work far beyond transfer of funds contrary to the popular belief. Blockchains are tinker proof multiparty decentralised data backed applications ensuring SVOT (single version of truth) across the Value chain. One of the biggest problem of supply chain is everyone has different data. Most CEOs and Chief Supply chain Officers are looking for SVOT. Bitcoin is the closest example of Blockchain as we all know. We will leave bitcoin behind for plug and play later as it involves Crypto-economics. Let’s focus on the Blockchain fundamental which is Multi-party transactions and a Smart contract.
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Shared Multiparty Network
Smart contract is a Contract in which everyone can see permission based relevant information any time. The permission are decided basis his role and responsibility. We control the information visibility basis transaction or by collaboration level.
What are the benefits of Blockchain?
Blockchain decreases the business risk, enhances efficiency, and highly simplifies how you and your partner’s conduct business transactions. In the pharma & food industry, it’s necessary to have detailed records to trace the product to its source. In fact, Walmart uses block chain to keep traceability of its meat products form the source country and the block chain documents where each piece of meat had come from, processed, stored and its POS date.
Blockchain enables the customers to have transparency so that know they can support organisations which share the same sustainable values. Block chain connects the end to end transactions and documents. You may or may not leverage it for auto payments. It’s a real time connected suppliers, partners and customers shared network.
How will you ensure on your next Diamond ring purchase that the stone used is not a “Blood Diamond”. Even the large mining companies like De beers uses blockchain technology to track diamonds from mining to cutting, polishing and the point of sales. This establishes the authenticity of products.
Pharmaceutical companies, Pharmacies and Healthcare facilities will be able to serve their patients with greater reliability, ensuring the continued flow of authentic and safe medication through Blockchain. Blockchain can monitor the authenticity, temperature and shelf life of the drug right from factory to nearby pharmacy store. Imperial logistics manages the pharmaceutical blockchain of many large pharma MNCs in Africa & Europe.
More and more large corporations are adopting blockchain to increase the internal efficiencies and have more effective communication with its partners. BHP Billiton is another such example. It recently declared that it will use the blockchain to track and record data from its mining process to its vendors.
The Blockchain based solutions are mushrooming up to increase efficiencies, reduce costs and improve visibility for the Supply chain & Logistics seeing the high potential of transformation. The solutions developed do have integration capabilities with crypto currencies through blockchain adaptors. Blockchains are the next joint big leap of Technology and Supply chain.
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