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Is Blockchain really a game-changer for supply chains?

13th April 2018 Print

While you've probably heard of Blockchain, you're probably not aware of its potential range of applications in the digital age.

Sure, Blockchain may be best known as the technology that underpins Bitcoin and other digital currencies, but its status as a distributed, public ledger means that it has huge appeal across a number of modern markets and industries.

In fact, Blockchain has been mentioned as a progressive technology that has the potential to revolution the supply chain? Below, we'll consider this and ask whether it's really a game-changer in this field?

How Blockchain can Resolve the Issues Surrounding Supply Chains

In order to understand whether or not Blockchain is a game-changer for supply, we need to consider the logistical challenges facing firms and whether or not this technology provides the solution.

One of the biggest problems faced by firms with complex supply chains is an underlying lack of transparency, particularly when it comes to planning and tracking cross-border shipments and encouraging communication between service providers.

Interestingly, the natural attributes of Blockchain lend themselves to resolving this logistical problem. This is due to the ways that the technology records and tracks transactions, as it provides a decentralised, accurate and real-time record of everything as it happens. Even minor transactions or stages of the shipping process will be recorded by Blockchain technology, while you can rest assured that this data is constantly accessible and free from any type of manipulation.

So, not only would Blockchain enable both brands and customers to track individual shipments at every stage of the process, but the technology would also drive accountability and highlight any inefficiencies that exist within the system.

The Bottom Line – Is Blockchain Capable of Improving and Revolutionising the Supply Chain?

Ultimately, the aim of any supply chain operation is to ship your inventory quickly, efficiently and transparently, as you look to fulfil and ultimately exceed your customer's expectations.

In this respect, Blockchain is ideally placed to help improve the quality of modern supply chains but creating far greater transparency and accountability across the board. The sustained use of this technology will also translate into the reduction of operational costs, as firms respond to real-time data to create more efficient systems.

As a result, Blockchain also has the potential to enhance the quality of customer service across the board, triggering greater and more reliable revenue growth in the process,

So, whether Blockchain revolutionises the supply chain has yet to be seen, but it's certainly capable of improving efficiencies and transparency within global networks.