What is Blockchain in Supply Chain Management? -

What is Blockchain in Supply Chain Management?

This video describes the benefits of blockchain in supply chain management. This enables enhanced traceability, better transparency and collaboration among partners. It will increase trust across SCM.

Blockchain is a distributed ledger technology that can be used to create a secure, tamper-proof record of transactions. This makes it ideal for use in supply chain management, where it can be used to track the movement of goods, verify the authenticity of products, and improve transparency and efficiency.

Here are some specific ways that blockchain is being used in supply chain today:

Tracking the movement of goods: Blockchain can be used to track the movement of goods through a supply chain, from raw materials to finished products. This can help to improve visibility and reduce the risk of fraud.
Verifying the authenticity of products: Blockchain can be used to verify the authenticity of products, preventing counterfeiting and ensuring that products are what they claim to be.
Improving transparency and efficiency: Blockchain can be used to improve transparency and efficiency in supply chains by providing a single, shared view of data for all participants. This can help to reduce errors, improve communication, and streamline processes.

Here are some examples of how companies are using blockchain in their supply chains:

Walmart: Walmart is using blockchain to track the movement of food products through its supply chain. This helps the company to identify and remove contaminated products from its shelves more quickly.
IBM Food Trust: IBM Food Trust is a blockchain network that is used to track the movement of food products through the supply chain. This helps to improve food safety and transparency.
Maersk: Maersk is a shipping company that is using blockchain to streamline its shipping and logistics operations. This has helped the company to reduce costs and improve efficiency.

Blockchain and SCM Quotes

“You could imagine something like a completely automated system for renting bikes that’s just done completely over blockchain crypto-payments. And theoretically just sort of start it up, and it works completely autonomously.” ~Vitalik Buterin
“The blockchain does one thing: It replaces third-party trust with mathematical proof that something happened.” ~Adam Draper
“Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.” ~ Thomas Watson
“Past supply chain automation efforts will pale in comparison to the automation coming with IoT and Artificial Intelligence.” ~Dave Waters.
“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” ~Ian Khan
“If you only do things where you know the answer in advance, your company goes away.” ~Jeff Bezos