Track and Trace – How Blockchain is making Supply Chains more Transparent and Efficient
Blockchain encompasses a permanently recorded digital ledger that is secure to share with multiple parties such as sellers, distributors, retailers, vendors, and end-users. The technology has the potential to be the digital supply chain’s backbone. Since blockchain provides a safe and reliable tracking mechanism from one end of the supply chain (the manufacture or mining of raw materials) to the other end of the supply chain (where the end-user receives the finished product). It aids in the fight against counterfeiting and is gaining popularity among key players in several sectors.
Supply chain operators are leveraging blockchain to log production updates to a common shared ledger, providing comprehensive data visibility and a single source of truth. Several industry players are implementing it to access a product’s status and the location at any time since transactions are always time-stamped and up to date.
However, blockchain is still an emerging technology with its share of potential concerns. Enterprises that intend to leverage blockchain technology in their supply chain must be aware of and prepared for the present obstacles
The report highlights real-world innovation use cases and examples related to the implementation of blockchain technology by companies as well as startups in the supply chain business function. It also casts light on how tech-enabled innovations are transforming every segment of the supply chain business function.
Key Features of Blockchain to Transform Supply Chains
- Anonymity: As data is sent between nodes, the individual’s identity stays hidden.
- Autonomy: Each blockchain node can safely access, transfer, store, and update data without the need for third-party involvement.
- Contract automation: Smart contracts are often coded with rules, fines, and actions that get applied to all parties participating in the transaction.
- Immutability: Blockchain uses timestamps and regulations to ensure the immutability of nodes.
- Irreversibility: In each blockchain, a specific and verifiable record is maintained for every transaction ever made.
- Transparency: Data is captured and saved on the network with consensus, and it is accessible and traceable throughout its existence.
- Provenance: Every product on the blockchain has a digital record document that manifests its legitimacy and provenance.
- Uniqueness and ownership: Every document shared on the blockchain has a unique hash code that keeps ownership data.
Key Innovations of Blockchain Technology
The key innovations of blockchain technology are as follows:
- Supply Tracking
- Inventory Management
- Product Authenticity
- Smart Contracts
- Paperless Documentation
Smart contracts have established a broad spectrum of new digital relationships by enabling multiple parties to a transaction to determine and quantify specific parameters quickly, seamlessly, and transparently. Several players are adopting the technology to improve traceability, optimize processes, and battle counterfeits. Moreover, blockchain technology connects distribution hubs, manufacturers, production sites, retail partners, suppliers, and warehouses with a permanent record of every transaction that commences. These records are then saved and made available to everyone within the network.
For more insights on the how blockchain is impacting the supply chain business, download a free report sample
Market Report Overview
| Key features | Anonymity, Autonomy, Contract automation, Immutability, Irreversibility, Transparency, Provenance, and Uniqueness and Ownership |
| Key innovations | Supply Tracking, Inventory Management, Product Authenticity, Smart Contracts, and Paperless Documentation |
Scope
- Innovation Insights: innovation examples by each use cases segment of various sectors to present key trends.
- Vendor Map: represents a sample list of vendors in each use case highlighted in the report.
Key Highlights
Innovations: presents real-world innovation use cases and examples related to the implementation of blockchain technology by companies as well as startups in the supply chain business function. It casts light on how tech-enabled innovations are transforming every segment of the supply chain business function.
Reasons to Buy
- No surprise that technology has been a driving force in business transformation for years, but the term ‘emerging technologies’ has all of the sudden become the key catalyst to drive the next wave of innovation across sectors.
- The sense of urgency weighs different across different sectors, where the direct customer-facing sectors are at the forefront compared to other capital-intensive sectors. Companies in one sector can take cues from successful innovations in other sectors to either draw analogies with existing products, services, and processes or transfer strategic approaches for a revolutionary transformation.
- Against this backdrop, enterprises need to understand which emerging technologies are impacting their sector and how various companies are implementing them to meet various challenges.
- The innovation landscape report in blockchain in supply chain management published by GlobalData covers some of the key trends, use cases, and real-world examples related to the implementation of emerging technologies across the supply chain business function.
Key Players
Table of Contents
Frequently Asked Questions
The key features of blockchain that can transform supply chains are anonymity, autonomy, contract automation, immutability, irreversibility, transparency, provenance, and uniqueness and ownership.
The key innovations of blockchain for supply chains are supply tracking, inventory management, product authenticity, smart contracts, and paperless documentation.
Smart contracts have established a broad spectrum of new digital relationships by enabling multiple parties to a transaction to determine and quantify specific parameters quickly, seamlessly, and transparently.
The autonomy feature in blockchain nodes can safely access, transfer, store, and update data without the need for third-party involvement.
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