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Blockchain Technology and Supply Chains
The feasibility of applying blockchain technology to an organizations supply chain largely depends on the size and complexity of the operations. Blockchain technology can be beneficial to streamline, secure and automate the processes of a complex supply chain (Rejeb et al., 2019). Plus, it can provide greater visibility, traceability and audibility to all stakeholders. With the enhanced data security and transparency offered by blockchain, organizations can gain higher efficiency, improved asset utilization and cost savings. While there is potential for these benefits, the implementation of blockchain technology also requires significant technical and financial investment as well as changes to existing systems and processes. Moreover, for successful application of blockchain, organizations must ensure proper network system availability, data integrity, and consensus mechanisms, among other factors. Thus, it is important for organizations to conduct a thorough assessment of their supply chain and consider the associated costs, risks and opportunities before deciding to apply blockchain technology.
At its core, blockchain can eliminate inefficient manual processes and reduce the potential for errors or fraud in the supply chain (Al Barghuthi et al., 2018). By having a single, shared ledger, multiple parties in the supply chain can access the same data in real-time. This enables improved visibility into the whole supply chain, leading to better decision-making. Blockchain can also help to simplify data integration and reduce the cost of transmitting data across the supply chain. With a single source of truth that is replicated across all participants, businesses can eliminate inefficiencies caused by having to reconcile data between different systems. Additionally, blockchain can also increase supply chain security by providing tamper-proof records and quick validation of data. This makes it much harder for malicious actors to access data or tamper with transaction records. These benefits can lead to more efficient operations and increased cost savings. Companies can reap these rewards by adopting blockchain technology, providing them with an edge in the competitive marketplace. Therefore, it is easy to see why many companies are looking to adopt blockchain technology for their supply chain management.
References
Al Barghuthi, N. B., Mohamed, H. J., & Said, H. E. (2018, November). Blockchain in
supply chain trading. In2018 Fifth HCT Information Technology Trends (ITT)(pp. 336-341). IEEE.
Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2019). Leveraging the internet of things and
blockchain technology in supply chain management.Future Internet,11(7), 161.
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