While supply chains are facing tremendous uncertainty across the globe, blockchain technology offers a single solution for many of their ongoing issues. Working with timely, accurate data is essential for supply chains to function, yet today supply chain partners – suppliers, manufacturers, distributors, and wholesalers – are trying to communicate with systems that most likely aren’t compatible. This causes an array of problems such as important transactions getting lost or overlooked and the improper tracking of goods, that ultimately result in empty store shelves for consumers.
Next-generation blockchains that incorporate both blockchain and cloud-based technologies are able to significantly minimize or completely eliminate these issues since they share secure data very quickly on a decentralized platform. This allows for an end-to-end view of the lifecycle of a product to be created and managed over time.
Here’s an insightful article from VentureBeat’sDataDecisionMakersthat provides more details on how “Blockchain could repair our broken global supply chain” –https://venturebeat.com/datadecisionmakers/blockchain-could-repair-our-broken-global-supply-chain/
The article also outlines additional benefits of using blockchains for tracking within supply chains, including the fact they easily connect the entire ecosystem, they are focused on privacy, security, and compliance, and that they are energy-conscious and cost-effective.
WaveDancer’s MaverixTMBlockchain is called a “zero trust” solution because inherent in blockchain technology are the core principles of zero trust. It solves all of these complex supply chain and logistical challenges, from siloed data to access for all, to human error and 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.