Google trends blockchain10/27/2023 ![]() Is there a need for blockchain technology in the supply chain? ![]() Inclusion of blockchain technology thereby builds larger collaborations and trust, thus enabling businesses to cater to the changing market conditions. Factors such as the increasing need to control issues of data leakage and breaches and rising digitalization are expected to play a pivotal role in the growing need for blockchain in supply chain processes. Hence, the implementation of blockchain creates immutable transactional records in supply chain processes, making it a seamless one. The technology empowers even small interest groups and businesses to commute data safely and securely, thereby gaining unparalleled confidence and trust. In supply chain processes, the technology to be implemented can be either private or permissioned blockchain, directing the user’s writing and reading capability to them. This integration is gaining significant traction, owing to the fact that it helps to increase the traceability of the process, enhances compliance and visibility over outsourced contract manufacturing, and minimizes the losses from the counterfeit market. The integration of blockchain and IoT technology into the supply chain stages enables enhanced accountability, traceability, transparency, and coordination during transactions. It offers capabilities such as auditability, invariability, and disintermediation with immense potential for different supply chain issues ( Killmeyer, 2019).Ī supply chain powered by blockchain infrastructure is expected to offer diversified possibilities with potential application areas. The blockchain serves as an enabler for the shift towards the connected state of digitalized supply networks. Supply chains are thereby focusing on technology-led reinvention, with blockchain and the Internet of Things (IoT) paving the way towards the formation of a digital system that responds to the changing demand and supply scenario ( Liu, 2018). In order to remain competitive in today’s digitalized world, it has become necessary for organizations to emphasize the ability to swiftly cater for the changing business scenario.Ĭontemporary experts are cynical about the supply chains’ data or information because of the transparency issues and challenges in tracing and tracking them ( Prabhugaonkar, 2022). ![]() Rising digitalization is expected to revolutionize the way goods move and relocate through various network layers, from acquiring raw materials to the stages of production and distribution of products ( Ghosh, 2019). With the notions of sustainability, fair trade, and transparency gaining influence in customers’ purchase decisions, businesses are increasingly putting emphasis on redefining end-to-end supply chain operations. Different use cases of the technology, market challenges in the implementation of the technology, and the solutions offered by different companies to address such problems have also been discussed. It discusses the latest market trends and factors driving the need for the incorporation of blockchain in the supply chain sector and the future scenario. This paper contemplates the need for blockchain technology in the supply chain and its contribution to enhancing the overall efficiency and demand planning processes of businesses. The technology has the potential to become a supply chain data utility and repository that offers benefits to all its users, such as unique market information that would be otherwise unavailable from any other source. The revolutionary features of blockchain technology are paving the way for greater opportunities for supply chain businesses. Nowadays, organizations are emphasizing towards agile and leaner supply chains with end-to-end prominence via the incorporation of this latest technology, thereby boosting services across the world. With blockchain technology gaining momentum, different industries are emphasizing experimentation with it. Technology is an important tool in the armory of state-of-the-art innovations, in terms of both digital expansions and disruptions.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |