Blockchain technology has the potential to revolutionise supply chain management by providing increased transparency, security, and efficiency. The following are 10 leading uses of the technology in the supply chain.
Blockchain in supply chain: Transparency
Blockchain technology can provide real-time visibility and tracking of goods and products throughout the entire supply chain, from production to distribution to end consumers. This helps to increase transparency and trust between different parties in the supply chain.
Blockchain in supply chain: Product authentication
Blockchain can be used to verify the authenticity of products and prevent counterfeiting by enabling secure and tamper-proof records of a product's origin and movement throughout the supply chain.
Blockchain in supply chain: Quality control
Blockchain can be used to track the quality of products as they move through the supply chain, enabling faster identification and removal of defective products, reducing waste and improving customer satisfaction.
Blockchain in supply chain: Finance
Blockchain can be used to facilitate supply chain finance, providing secure and transparent records of transactions between suppliers, manufacturers, and distributors.
Blockchain in supply chain: Smart contracts
These are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They can be implemented using blockchain technology to automate and streamline supply chain processes, reducing costs and improving efficiency.
Blockchain in supply chain: Inventory management
Blockchain can be used to track inventory levels and optimise inventory management processes, reducing inventory costs and improving supply chain efficiency.
Blockchain in supply chain: Reducing paperwork
By digitising and automating supply chain processes using blockchain technology, administrative costs can be reduced, and paperwork can be eliminated, saving time and resources.
Blockchain in supply chain: Food safety
Blockchain can be used to track and monitor food safety, ensuring that food products are safe for consumption by providing a transparent and traceable record of the product's journey through the supply chain.
Blockchain in supply chain: Compliance
Blockchain can be used to ensure compliance with regulatory requirements by providing a transparent and auditable record of supply chain processes, reducing the risk of non-compliance and associated penalties.
Blockchain in supply chain: Sustainable sourcing
Blockchain can be used to provide transparency and traceability in the sourcing of raw materials, enabling companies to ensure that their products are ethically and sustainably sourced.
Blockchain platforms for supply chain
The following are some of the most popular blockchain-based supply chain platforms.
IBM Food Trust is for food supply chain management. It enables food producers, distributors, and retailers to track the movement of food products across the supply chain, ensuring transparency and traceability.
Ambrosus is another platform for food supply chain management, but pharmaceuticals. It enables businesses to track the movement of products across the supply chain and ensure their quality and authenticity.
VeChain is a blockchain platform designed for supply chain management and product authentication. It enables businesses to track their products throughout the supply chain and verify their authenticity.
Provenance provides supply chain transparency and traceability. It enables businesses to track products from the source of origin to the end consumer, providing a complete view of the supply chain.
ChainLink helps with supply chain automation, enabling businesses to automate supply chain processes by connecting smart contracts to external data sources and APIs.