⛓ Blockchain in Supply Chain Management
How blockchain will make supply chain management easier and cheaper
Today's Highlights
- Optimizing the Supply Chain
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Optimizing the Supply Chain
Due to the onset of the pandemic, online shipping has been more prominent than ever. This has put a strain on many companies and shipping partners, especially due to poor management of their supply chain. This has resulted in many orders being delayed or, sometimes, even being misplaced or lost.
Blockchain can help alleviate many of these problems while speeding up and reducing the cost of managing a supply chain.
Using blockchain for supply chain management can help companies to record price, date, location, quality, certification, etc. in a more efficient manner while also making sure each process is traceable. This level of transparency allows for the reduction in costs due to counterfeits, allows trust in quality of products even if the manufacturing is outsourced, and can even speed up the time it takes a product to be sold from the moment its assembled which allows for the company to sell more.
Blockchain in managing supply chains also reduces paperwork and administrative costs. In addition, it can also improve public relations since all the data is transparent. The company will have but no choice to be brutally honest with the public.
Many companies have started developing blockchain solutions to improve supply chain management problems across the world. IBM is one of them and, while they developed many blockchain solutions for various supply chain problems, one of their most impressive developments is using blockchain for COVID vaccine distributions. IBM’s use of the blockchain can allow manufacturers to monitor for disruptions in the supply chain in real time, and can even allow them to see where they need to recall vaccines in case something goes wrong almost instantaneously. This blockchain solution also helps reduce the risk of counterfeit vaccines entering the market.
As blockchain gains momentum, more and more companies will surely start to notice the economic benefits it will bring to their supply chain operations.
🧐 Today's Infographic
In Other News
Brayden Lindrea
Brandy Betz
