Shipping containers was introduced in 1956 while blockchain was introduced in 2008, But how can blockchain after 5 decades time gap affect supply chain industry?
When blockchain is applied a supply chain the potential improvements are obvious , All participants in the supply chain can access one linked encrypted and validated information set providing everyone involved with elevated efficiency across the entire supply chain to deliver higher value to the participants & guaranteed data integrity.
transparency and trust for any business, as it includes a shared, permissioned record of ownership, location and movement of parts and goods.
Issues resolution in real-time
Concern: Supply chain intelligence is knowing more than where goods are at any given moment. To find the source of flawed parts or component failures, being able to trace the origin and provenance of previously shipped goods is critical.
Solution: With blockchain records that reflect a product’s geographic flow and how it was treated, you can examine sources, investigate industry certifications, track restricted or dangerous components, discover storage-condition anomalies and more.
Trust and Transparency
Concern: Disparate record-keeping and reporting systems can lead to scattered, incomplete and unreliable manifests, bills of lading, certifications and more.
Solution: With blockchain-stored records, all relevant information can be simultaneously and available to sender, receiver, shipper and regulators.
Crisis Management & Prediction
Concern: Even the best-planned supply chain can be thrown into chaos by natural disasters, unforeseen shortages, spikes in demand or a litany of smaller issues. With today’s elongated supply chains, any delay or faulty delivery can impact production.
Solution: blockchain-optimized processes help to resolve real-world issues. Knowing that a shipment is incomplete or at risk can instantly trigger remediation actions like supplier substitutions or price adjustments — before a crisis emerges.
Risks and benefits are the heart of any new technology, Blockchain Is no exception as it continues emerge technology experts will continue research , educate leaderships and employees and engage in strategic pilots ,trying to keep the domain strategically positioned to take advantage of this technology as it matures.