Blockchain has Bright Supply Chain Future
„First and foremost, blockchain holds the potential to help enterprises deal with complexity. Like most economic activities, supply chain operations are becoming ever more digitized and blockchain can leverage digitization to deal with complexity. Sunil Thomas, the Chief Operations Officer at Selerant, observes, “The supply chain is only getting more complex. With increasing globalization, manufacturers already struggle to manage working with vendors in different time zones, speaking different languages and dealing with different global regulations. As manufacturers increasingly rely on digitization and automation, we’re certain to see the combination of blockchain and smart contracts playing a significant role in protecting trade secrets and ensuring quality and uniformity throughout the entire ecosystem.”
Analysts from Omnitude add, “Supply Chains have grown in scope and scale alongside the globalization of marketplaces. The manufacture, assembly and shipping of goods and raw materials are now complex operations that span continents. … The modern-day supply chain is a vast ecosystem with many product variants and contract manufacturers cutting through a supplier network and diverging to different distribution models — traditional retail and online consignment. … The technology powering supply chain management is due for an update. The good news is that supply chains are one of the key areas where blockchain comes into its own. Blockchain technology ensures provenance, offers visibility across the full supply chain, boosts safety, and provides a holistic view of the value chain.”
Stokes concludes, “The potential benefits of blockchain in global trade are numerous and could significantly transform international trade. This includes trade finance, transportation and logistics, customs and certification processes, intellectual property (IP), insurance and government procurement. Blockchain technology will help enhance the efficiency of a number of processes and cut costs in those areas. The new technology will also help global trade move closer to a paperless solution that’s more secure.”
Original article written by Stephen DeAngelis and published by Enterra Solutions
Quotes used are from following authors/articles:
Sunil Thomas, “How Blockchain Could Ensure Supply Chain Consistency,” Forbes, 9 November 2018.
Staff, “How will Blockchain technology transform the Supply Chain?” Omnitude, 2018.
Susan Stokes, “Will Blockchain Underpin the Future Global Commerce and Trade?” Business Blockchain HQ, 8 January 2019.