Blockchain Technology And Supply Chain Management

On a superficial level by using the blockchain technology companies and organizations can.

Blockchain technology and supply chain management.

With blockchain technology properties of decentralization transparency and immutability it is the perfect tool to save the supply chain management industry. The supply chain is a huge network and it s more complex than it was a decade ago. When blockchain came up as a concept it was mandatory for bcg and for me personally to understand what this technology is all about and why and how it plays a role in supply chain management. How blockchain is disrupting supply chain management.

As of now a payment after being initiated by the supplier takes days to reach the manufacturer. It s true that blockchain was initially designed purely for financial transactions but it s also true that it s a highly versatile technology. On the other hand contractual agreements between parties need support from lawyers banking systems. Subsequently blockchain can increases the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment.

There are several supply chain startups such as cloud logistics who saw an opportunity to provide blockchain enabled supply chain solutions to improve efficiencies and reduce costs for the massive.