Is blockchain the next-generation technology?
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The Supply Chain (SC) is significantly strained as a consequence of the pandemic. Consumers’ behaviour has dramatically changed as governments established detreated lockdown, the SCs disruption, e-commerce escalation, plus the mounting interest in shelf-stable food products.
Something needs to change to keep on today and in the future. SC and goods companies must take advantage of the difficult situation and focus on re-evaluating their operations to get the best look at Artificial Technology (AI) and Blockchain. Both technologies will be vital in helping us manage unpredictable spikes in consumer demand caused by social distancing and public health mandates.
SCs are going to look different once we emerge from the pandemic and future pandemics of all kinds that will inevitably be our new norm. Sales channels, as well, will be forever transformed by far countless buying and fulfilment through digital channels; for instance, the production and delivering of products in new ways. Is Blockchain the solution to the SC of the future?
The significant role Blockchain plays our Supply Chain
· Blockchain tech will play a leading role in bringing transparency and visibility to SCs.
· It gets through cases for areas stretching from manufacturing to retail.
· Blockchain tech has been applied in to daily use crosswise different industries, at the pilot, proof, or at-scale stages.
· Blockchain is used in numerous cases when SCs need to tackle a variety of issues.
· This tool is markedly valuable when traceability is essential.
· Blockchain plays a central SC role wherever: tracking, tracing, and recording matters.
· Blockchain can perform as the base for different edge-technology, such as the Internet of Things (IoT) and Artificial Intelligence (AI) both fast-tracking the automated SC.
· Blockchain can boost efficiencies whilst also reinforcing trust among stakeholders.
· This technology could be the answer when facing unexpected events, and when sellers and buyers require to re-shape their line of attack anticipating to possible crises.
Taking steps forward
Nowadays, Global SCs are struggling against the unexpected pandemic that will last more than we think. To re-shape the new way of doing businesses, companies must re-design new SC principles to mitigate the pandemic effects and focus on local manufacturing.
To induce the restructuring of SCs, we must broaden our recognition of Blockchain as a technology that makes it possible to go across companies’ renovation and digitalisation, whilst supporting the offshore vs onshore or nearshore debate, enhancing mainly resilience and adaptability
We need to recognise that Blockchain can deal with workflow throughout the whole SC and, crosswise its distributed ledger approach, ensuring that data is accurate, visible and that it cannot be forfeited.
However, Blockchain tech has challenges to overcome, yet, including benchmarks, scalability, speediness. Surmounting these challenges is easy because experts are always trying to develop them better, the reason why people think Blockchain is suitable for SC processes as is a perfect match with the Internet of Things (IoT) groundwork.
Blockchain can reinforce and protect wide-ranging SC operations among businesses. Blockchain does not generate additional incomes, but support users to get better quality and customer experience.
Manufacturers of all sort of goods work to assure customers get what they pay, and trail component to prevent ‘grey market items’ (assets sold legally, but outside of the brand’s permission like medicines, watches, cameras, and even cars,) from going into the SC. Well-known enterprises count on deploying Blockchain crosswise multiple merchandises, beginning with specific products.
SC experts world-wide believe Blockchain technology will be essential for developing trust during post-pandemic recovery. They explain:
· Blockchain is decisive in restoring economic activity and regaining trust.
· It is an opportunity that counts on the capability to rework out the future of SC.
· It quickly processes transactions and makes sure the configuration, transmission and receiving of a specific exchange of values are met.
· It represents a significant business success.
· It builds up stronger-resilient SCs, disclosing transparency and integrity across stakeholders.
AI and Blockchain technologies will make sure primary merchandises are available in the right place and at the right time during and after the pandemic, proactively identifying possible disruption in your Supply Chain.
Are you considering Blockchain technology to transform your Supply Chain and make it more resilient?
David Food is the Strategy Director of Prophetic Technology. He brings a significant breadth of skill, innovation and capability in the use of software and technology to improve supply chains, develop marketing and unlock business potential, whether globally or locally, with collaborative or enterprise-wide solutions.