How Blockchain Can Help Supply Chain Vulnerabilities

The supply chain has evolved into a mass interworking of information between parties in the digital sphere, reducing costs and increasing profitability. The dominant role that IT now plays in the supply chain process has proven successful in its growth but has also raised the risk of cybercriminals. Cybercriminals can now bypass targeting the source directly to gain access to crucial information and instead find the vulnerabilities in the supply chain to easily access the data and infrastructure. The large spread of current supply chain touchpoints also means there are greater chances for internal mishaps, leading to more opportunities for cybercriminals to slip into the system.  

This article from Professional Security Magazine provides “A 360-degree view of supply chain vulnerabilities” – https://www.professionalsecurity.co.uk/news/interviews/a-360-degree-view-of-supply-chain-vulnerabilities/  

The article states that since cybercriminals keep refining their methods and will not stop trying to target supply chains, there must be an approach to stop these attacks head-on. It suggests that there is more that needs to be done in addition to auditing IT services of potential supply chain partners and educating employees on their company’s infrastructure protocols and cybercriminal signs.  

Utilizing software solutions, such as blockchain, can give companies an overview of the security for both their own company and the entire supply chain, providing insights into possible vulnerabilities that would otherwise be overlooked. Blockchain’s ability to “discover” these vulnerabilities in the system allows supply chain partners to safely and confidentially close these security gaps and stop cybercriminal attacks before they happen. The “360-degree” perspective that blockchain offers grants ongoing and accurate views of potential vulnerabilities, ensuring the full security of companies.  

WaveDancer’s proprietary Software-as-a-Service (Saas), Maverix TM Blockchain, is called a “zero trust” solution because inherent in blockchain technology are the core principles of zero trust. It solves many complex supply chain and logistical challenges, from access to previously siloed data to human error or fraud. Our technology platform is pretty radical and provides capabilities that are not widely available in the marketplace yet – but the need for them is certainly there. 

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