Learn how your supply chain can use data to handle the disruptions of today and build resiliency for the future.
Supply chain data is not always visible, available or trusted. Businesses and consumers want brands to guarantee product authenticity, while supply chain participants demand responsible sourcing and better visibility to minimise disputes.
Blockchain's popularity in supply chain management comes from its ability to provide transparency, security, and efficiency.
By employing a decentralized and immutable ledger, it ensures that all parties in the supply chain have access to the same information, thereby reducing discrepancies and fraud. Transactions are also recorded in real-time, improving traceability and accountability. All this reduces delays, human errors, and costs, enhancing the overall efficiency of the supply chain.
The following are some of the many immediate benefits that scalable Blockchain technology can bring to supply chain partners across the globe:
- Digitising Legacy Systems: The trust, security, and automation that blockchain offers can transform paper-based back office processes into fully digital systems that reduce costs and increase efficiency.
- Modernizing Trade Finance: Trade finance requires the exchange of large amounts of secure data between multiple parties. Blockchain's inherent transparency and security make it possible to automate these processes, significantly shortening financing timelines.
- Building Resilience: Opaque legacy systems make it difficult to respond when supply chains are hit by disruptions. Transparent, digital processes built on top of blockchain make supply chain communication more resilient.
- Meeting Compliance Requirements: Businesses are subject to numerous requirements governing the sourcing, safety, and quality of products. Blockchain-based systems’ auditability and traceability make it easy to prove that products and processes are compliant.
- Guaranteeing Quality: Businesses need to know that their standards are being met when sourcing materials for multiple providers. The traceability of blockchain transactions makes it possible for businesses to identify suppliers that are falling short.
- Meeting Compliance Requirements Digital documents, claim data, and integrated policy details allow insurance companies to connect with industry regulators and scale ad hoc reporting at no additional cost. The blockchain also stores documents and records in the event of a disaster.
- Streamlining Dispute Resolution: When problems arise, identifying where the breakdown occurred and which party is responsible is a lengthy, manual process. By providing a shared source of truth, blockchain makes it possible to resolve disputes quicker.