Why use Blockchain in supply chain?

Easy to understand explanation of why Blockchain is important to use in supply chain. Counterfeit items are a major concern for most industries. “You have to think of the blockchain as a new utility. It is a new utility network for moving value, moving assets.” ~William Mougayar

Blockchain technology has the potential to revolutionize supply chain management by providing a decentralized, secure, and transparent platform for recording and tracking transactions. Here are a few specific benefits of using blockchain in the supply chain:

Enhanced transparency and traceability: Blockchain technology can provide a transparent and traceable record of the movement of goods through the supply chain, enabling real-time tracking and visibility into the status of orders. This can help to improve efficiency and reduce the risk of errors or fraud.
Increased security: Blockchain technology uses encryption and a decentralized network to secure transactions, making it more resistant to tampering or data breaches. This can help to increase the security of supply chain transactions and reduce the risk of fraud.
Improved efficiency: Blockchain technology can automate certain processes in the supply chain, such as the tracking and payment of invoices, reducing the need for manual intervention and improving efficiency.
Reduced costs: The automation and transparency provided by blockchain technology can help to reduce the costs associated with supply chain management, such as the costs of manual data entry or the risk of fraud.

Overall, blockchain technology has the potential to revolutionize supply chain management by providing a decentralized, secure, and transparent platform for recording and tracking transactions. It can enhance transparency and traceability, increase security, improve efficiency, and reduce costs.

Blockchain Quotes

“The blockchain is a distributed network that solves all the problems that we have of finance, but more broadly, it’s like a philosophy. It’s a way of life.” ~Mike Cernovich
“The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates.” ~Blythe Masters
“Why not make the work easier and more interesting so that people do not have to sweat? The Toyota style is not to create results by working hard. It is a system that says there is no limit to people’s creativity. People don’t go to Toyota to ‘work’ they go there to ‘think’” ~Taiichi Ohno
“Everything will be tokenized and connected by a blockchain one day.” ~Fred Ehrsam
“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself.” ~Abigail Johnson
“The similarities between commercial airplanes and automobiles are striking. It’s all about safe and efficient transportation using the latest technology and the best fuel efficiency.” ~Alan Mulally
“Blockchain provides supply chain capabilities that were not possible in the recent past.” ~Dave Waters
“There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain. We are writing rules for this whole new universe.” ~Patrick M. Byrne
“The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.” ~Warren Buffett