Manufacturers rely heavily on a consistent supply chain in order to operate. When a lack of transparency between vendors and the use of separate management systems take place, this can often lead to confusion, delays and lost business.
To solve these problems, many businesses have turned to blockchain technology—a platform that works by recording a separate record, or “block,” every time a supply chain progresses. This record is then encrypted and used to verify all subsequent blocks, which prevents any alterations to records.
Here are some of the potential benefits of a blockchain recordkeeping system:
- Flexible scalability—Blockchain systems can be used internally to track projects and other workflows. Multiple organizations can share the platform to organize large-scale operations.
- Security—Records that use blockchain are encrypted, verified and shared between all users. As a result, blockchain is very secure against tampering and cyber attacks.
- Transparency—Advanced sensors and other tracking technology can update blockchain records to give businesses an ongoing view of a supply chain without fear of human error or biased reporting.
- Innovation—New services are beginning to automate complex systems like contractual obligations, employee security credentials and personal data protection using blockchain technology.
- Detailed analytics—Businesses can track individual products to gather important information at any time, such as the origin of a dysfunctional product or a food item’s expiration date.
In this highly competitive arena, you need to partner with the ones who will keep your business continuously informed and compliant. Contact Ralph Vanner for any questions on block-chain technology and your supply chain,