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Blockchain and the Supply Chain: A Distributed Transparent Ledger Shared by Suppliers and Customers
Blockchain is the technology that Bitcoin is built on, but the technology of cryptocoins is beginning to be applied to almost every industry. There are three benefits that blockchain brings to advantage over traditional accounting and tracking methods:
- Transparency – everyone has access to the same data and can check the validity of a transaction
- Decentralization – data is not controlled by one single entity
- Security – Blockchain data is secure because of the high-level of encryption used for storing the data
David Schatsky, managing director at Deloitte LLP, said that “today, you can’t live your life without a mobile phone. In a few years you will have to participate in one or more blockchain solutions because they’re just more efficient and lower cost.”
How can Blockchain help logistics?:
- Monitoring Supply Chain – Track the quantity and movement of assets like pallets, trailers and containers.
- Monitoring Documentation – Track purchase orders, changes orders, receipts, shipping and trade-related documents
- Monitoring Processes – Track process to verify processing steps, like for certification of organic or kosher handling
- Shared Information – Manufacturers, vendors and suppliers have access to process, assembly, delivery and maintenance information
Bill Fearnley, Jr., research director for IDC’s Worldwide Blockchain Strategies, said that “if you build a blockchain ledger within [a single company] that has a certain value. The real value for blockchain is when you use distributed electronic ledgers and data to connect with suppliers, customers and intermediaries.”
