skip to Main Content

What Is Blockchain & How Can It Help Your Supply Chain?

Software & IT  

Blockchains work especially well for global supply chains where funds are transferred everywhere. According to Forbes, "Ultimately, blockchain can increase the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment."

 

Consulting firm E&Y states that applying blockchain logic to the supply chain you the foundation for a “radically new approach to supply chain management," because no single piece of inventory can exist in the same place twice. When you move a product from 'finished goods' to 'in-transit,' that transaction status is updated for everyone, everywhere (within minutes) and it's fully traceable back to the point of origin.

 

So how exactly might blockchain improve the supply chain? Procurement, data and analytics, digital contracts and payments, and many more.

Un-Block Your Supply Chain

What exactly is a blockchain and how can it help your supply chain? We’ve been hearing a lot about blockchains lately (e.g., bitcoin), including its use in better managing the supply chain. So, what exactly is a blockchain and how can it help your supply chain? According to Forbes, “Blockchain, essentially a distributed, digital ledger, has many applications and can be used for any exchange, agreements/contracts, tracking and, of course, payment.

Read the article
Related Articles

How much do you know about MRP?

How much do you know about MRP? Material requirements planning (MRP) is very commonly used in supply chain. Did you know that an IBM engineer created it after studying Toyota's lean manufacturing techniques? They are not the same, though. Tech [...]

Why it’s Time to Consider Cloud Supply Chain

Have you started using the cloud in your business? If not, you should absolutely consider it. Businesses seem to be reporting success with the cloud left and right, and for good reason! Supply Chain Management Review said, "Quite simply, cloud [...]

Why You Should Consider Cloud-first

Businesses are increasingly adopting cloud-first strategies - and for good reason. It can often be more secure and easier to afford. Employees are more likely to accept cloud computing than they were a few years ago, partly due to its [...]

AI Creating New Standards for Productivity and Efficiency in the Supply Chain

In an exclusive interview with Tech Wire Asia, Rohit Dhawan, Accenture Digital ASEAN’s Consulting Director of AI, explained what AI-driven supply chains really do and how they benefit businesses. “In an ideal scenario, a machine should be able to run [...]

How IoT is Disrupting the Supply Chain

As it has with other early adopters, the Internet of Things (IoT) is coming to the global supply chain industry as well. According to a report released this year by Deloitte and MHI, only 22% of supply chain industry executives [...]

What Would Big Data Analytics Mean For Your SMB?

Not to be confused with large amounts of data, big data is a technology solution used to handle and process large amounts of data. In many ways, big data analytics is geared towards SMBs because they tend to be more [...]

IoT & The Future of Supply Chain Performance

IoT (the Internet of Things) seems to be everywhere these days. From tracking shopping habits to remote locking of doors on our cars, IoT is part of many of our devices, collecting data and making it available for better, faster, [...]

Artificial Intelligence: How Will it Affect Supply Chain Planning?

Optimizing inventory management and planning is essential to the bottom line of any manufacturing and product based business. Being able to forecast demand for product as well as potential disruptions to the supply chain process is not a matter of [...]
Subscribe to our Blog
Back To Top