Supply Chain

Using blockchain to drive supply chain transparency

Blockchain provides increased supply chain transparency, reduced cost and risk.

Decentralised Records

Blockchain can enable more transparent and accurate end-to-end tracking in the supply chain.

Ethical Sourcing

Blockchain can understand how ingredients and finished goods are passed through each value chain.

Quality Assurance.

Increase traceability of material supply chain to ensure corporate standards are met

Enhancing supply chain transparency and process tracking

Supply chain traceability is one of the top use cases for blockchain technology. Replacing the traditional processes with distributed ledger technology could increase trade volume by 15% and U.S GDP by up to 5%. Blockchain provides the ability to track any digital or physical product throughout its lifecycle. Distributed ledger technology has the potential to expand the sustainable and ethical production and consumption of any commodity on a global scale.

Monitoring future trends in supply chain

As blockchain gains momentum, companies should keep observing the players in their industry who have begun experimenting with blockchain. Blockchain benefits greatly from network effect; once a critical mass gathers in a supply chain, it is easier for others to jump on board and achieve the benefits. Companies could pay attention to other stakeholders in their supply chain and competitors for indication of timing to develop a blockchain prototype.

Use Cases in Supply Chain Management

Enterprise blockchain technology can transform the supply chain with these three use cases:

Traceability

Traceability improves operational efficiency by mapping and visualizing enterprise supply chains. A growing number of consumers demand sourcing information about the products they buy. Blockchain helps organizations understand their supply chain and engage consumers with real, verifiable, and immutable data.

Transparency

Transparency builds trust by capturing key data points, such as certifications and claims, and then provides open access to this data publicly. Once registered on the Ethereum blockchain, it’s authenticity can be verified by third-party attestors. The information can be updated and validated in real-time.

Tradeability

Tradeability is a unique blockchain offering that redefines the conventional marketplace concept. Using blockchain, one may “tokenize” an asset by splitting an object into shares that digitally represent ownership. This fractional ownership allows tokens to represent the value of a shareholder’s stake of a given object.