Supply chain future characteristics and challenges and where does blockchain fit in.
„Many experts highlight blockchain’s potential to transform business processes, making data used in the supply chain more available, immediate and transparent, as well as having the ability to improve the overall customer experience. But will it? How will blockchain meet the challenges of tomorrow?“
According to Supply & Demand Chain Executive
Supply chains in the future will be characterized and challenged by:
- Rising supply chain costs for products and services
- Increasing customer mandates for faster and more unique fulfillment
- Getting new personalized products to market quicker
- Achieving an end-to-end view to planning
- Accomplishing complete supply chain visibility
- Dealing with the move to a service-based consumption model and its upstream implications
- Balancing sustainability and innovation with demand.
“ To align with these future supply chain challenges, blockchain must significantly evolve. Application program interfaces (APIs) need to be upgraded to Open APIs enabling trading partners to connect and participate on the blockchain quicker, more effectively and efficiently. Smart contract development and testing will need to support greater complexity, security and collaboration in rules and deployments. Blockchain will also need to incorporate more complex planning activities and utilize real-time demand. Finally, the speed of which blockchain executes more complex contracts and actions will need to improve. Blockchain needs to interact with machine learning, artificial intelligence, and the Internet of Things to orchestrate a quick and completely autonomous supply chain. In the meantime, as supply chains continue to evolve and become more responsive to customer demands, blockchain technology will get better in performance, scalability and security through more projects as greater participation takes hold. Value will be created and tokenization will be monetized in the blockchain using creative ideas. We have years of alignment to realize pervasive adoption, and we are on our way. „
Read the full, original article here : When Blockchain Meets Supply Chain of the Future