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Blockchain Technology in Supply Chain Management

As supplier networks across the world continue to scale, so do the challenges. But blockchain technology in supply chain management is solving many of these complex issues related to limited visibility, ownership of data and data integrity, as well as enabling collaboration on a truly global scale.

Increasing Efficiency Through Ecosystems

Supply chains are full of inefficiencies. Fragmented systems, gaps or inaccuracies in data, and the challenge of sharing information quickly and securely across stakeholders from different organisations causes wastage. Both in terms of wasted time and resource. But with the help of blockchain technology, the supply chain management sector is tackling these challenges head on. Permissioned blockchains are empowering organisations to work together in a much more efficient way. Creating interconnected ecosystems that leverage one absolute and immutable source of data — the blockchain.

Improving Traceability with Blockchain Technology

One of the biggest challenges for organisations across the globe is having accurate data to show the location, path and source of each individual asset across their complex cross-border supply chains. Accountability and authenticity are a constant challenge; assets can disappear from systems, data can be inaccurate, intentionally misleading, or even lost completely. But blockchain technology is changing the game. Immutable and verifiable data stored on the blockchain is enabling the traceability of the assets across the entire supply chain like never before — providing a transparent and accurate view of the entire supply chain for all key stakeholders.

Blockchain Use Cases for Supply Chain Management

From track-and-trace to more efficient execution of contracts, the blockchain use cases for supply chain management are vast.

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Tracking Food From Source to Shelf

Blockchain in the food supply chain is helping retailers track goods from source to shelf more accurately than ever before. Suppliers, transporters and retailers are working together on digital ledgers with one immutable source of information. What’s more, the combination of blockchain technology and IoT sensors is helping to preserve quality standards. If a refrigeration system breaks down while the food is in transit and goods perish, this information can automatically and securely stored on the blockchain and relayed back to the suppliers and stores before the shipment even reaches its destination.

 

 

Provably Sustainable Supply Chains

Blockchain is playing an important role in sustainability. Immutable digital ledgers are being used by supply chains across the world to track and authenticate the movements of both sustainable ingredients and commodities. Tamper-proof data stored on the blockchain is allowing organisations to ensure the source of everything from diamonds to coffee beans.

Bringing Use Cases to Life

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