Supply chain management has emerged as one of the biggest uses of blockchain technology. Known as a digital record-keeping system, blockchain can assist supply chain partners with typical management practices and challenges that arise. By constructing a secure, transparent, and traceable hub for data, crucial information surrounding key components such as inventory and finances can be safely stored.
Harvard Business Review’s article analyzes a study conducted on seven large U.S. corporations and how blockchain is aiding them in “Building a Transparent Supply Chain” – https://hbr.org/2020/05/building-a-transparent-supply-chain
The most noticeable differences first observed in corporations after utilizing blockchain were faster and more cost-efficient product delivery, easier traceability of products, streamlined financing processes, and enhanced coordination between banks, suppliers, and buyers.
When using blockchain in supply chain management, such as in these seven corporations, several key necessities are deemed required for successful integration: using trusted partners, adopting new consensus protocols, and minimizing errors. If executed correctly, blockchain can yield great outcomes for companies across a host of industries.