Each day, the use of Blockchain in Supply Chain (SC) is escalating rapidly. Its use in transactions is now significant due to its proved reliability and integrity; it brings certainty to all partakers working on the same ledger version, as they can see the chain of ownership on each property, whilst guaranteeing no file is modified or erased.
For instance, we have the case study of the traceability platform Software-as-a-Service (Saas) designed to make more efficient-critical SCs in emerging economies. The business is specialising in providing gourmet coffee; it is using Blockchain technology to better trace all steps of the global coffee transactions, from cultivator to consumers, to develop productivity and transparency in their coffee SC, and offer a reasonable deal for cultivators; this project will bring an unparalleled level of transparency in an extremely inequitable industry.
The platform delivers all participants -growers, roasters and the end-consumer – access to data all through the SC. Blockchain offers consumers an unquestionable level of transparency concerning origin and quality. A coffee-drinker for the first time can draw out this data and corroborate the coffee source. The company’s satisfaction is excellent given that for the first time, and worldwide, they have a Blockchain-traceable coffee project, hopefully completing it this year.
Blockchain Food safety
Top food giants use IBM Blockchain to improve the traceability of food articles such as bananas, pork or chicken meat, or chocolate, especially their source. It registers accurately where every part of good comes from, where it was processed, stored up, and finally its sell-by-date.
These top organisations formed a group named the Blockchain Food Safety Alliance, which enhances efforts to trace food directly from the source; they created a standardised-system for gathering data on security and food legitimacy, using Blockchain tech to offer real-time traceability all through the SC.
They are working collectively to get significant user’s experience when gaining access to food security and traceability data.
Another essential industry using Blockchain is the Dimond business, which starts tracing stones from the instant they are extracted out, to the moment consumers buy them. The target is to ensure that any firm could evade ‘blood or conflict’ diamond standards, and making sure clients are acquiring an authentic piece.
How can Blockchain help in Supply Chain optimisation?
- It has the power to transform many different SCs worldwide.
- Blockchain enhance SC reliability.
- Payment between a manufacturer and a supplier, or a customer and a vendor could take time; Blockchain can cut the time of the trade and build Smart Contracts.
- Blockchain transparency and unalterable characteristics will drive trust among partakers, as transactions and agreements will be completely verifiable.
- The massive quantity of merchandise, numerous suppliers, and components are frequently problematic to trackback to suppliers, making deficiencies hard to get rid.
- Blockchain helps you to secure from smart contracts to improved accountability, fraud safety, transparency and objective deals.
- Blockchain technology motivates several functions of Procurement. Procurement operations can gain immensely from the efficiency and speed of Blockchain.
- Transparent bookkeeping.
- Project Management.
- It is now a useful tool for Healthcare.
- It brings an end to brokers and intermediaries of all sort.
- It can prevent voters from fraud.
Will Blockchain be accepted soon?
Data and development are two concepts everyone wants to bring around businesses. Blockchain has a lot to put forward, but also a long way to go before it becomes entirely accepted. What does it make Blockchain so attractive?
· Novelty – How much effort will it require for the general public to understand its use and problems it solves?
· Complexity – How many parties need to work together to bring value to the technology?
Summing up: Blockchain tech might be the solution you are looking. Before you embrace any technology project considering the use of Blockchain, start first by detecting the pros and cons of your company potential. Corporations must begin analysing when to initiate the Blockchain strategy, at what stage and segments first.
What sectors in your business could benefit from Blockchain potentials? Are your Procurement and Supply Chain leaders ready to deploy this edge-technology?
Dave Food
Prophetic Technology
M: +44 7775 861863
Photo credit: Unsplash