Various Blockchain experts agreed about having an impact on global supply chain management. Sometimes supply chain managers overlook the tasks independently carried out by remote suppliers. It is not possible even for the most disciplined supply chain executives to perform the entire task alone. Various organizations are testing Blockchain applications as assistance to the supply chain managers along with the promise of early returns.
More Blockchain managers will emerge gradually. Over the years, the issues of the supply chains remain the same. The product loses cases were registered from various companies. The problem in a single stop can ruin the entire chain, and the entire operation can be suffered. The worst part is under those circumstances; even the supply chain manager can’t really do anything.
Most of the supply chain managers are responsive to Blockchain technology. Its automation feature and shared status could reduce the cost of along with establishing real accountability.
In this article, experts gave us their point of views about the state of Blockchain in the supply chain management.
Bhagat is the Group Vice President of IoT and Blockchain Applications Development of Oracle. According to him, people have started realizing the possibilities of Blockchain in supply chain management. With Blockchain, the entire operation will be more effective as the level of accuracy will be enhanced. A more transparent mode of service will result in factual data without error.
Businesses who have adopted this technology earlier tend to get bigger. Most of the organizations that deal with complex international projects will adopt this technology in order to reduce cost and enhance data security. Using Blockchain in the supply chain have resulted in increased productivity.
According to the Principal, Supply Chain & Network Operations of Deloitte Consulting- Blockchain offers various upgraded solutions than older technologies. Previously different techniques have failed to provide the required data security.
There is a continuous change from soiled supply chain activities to the always-connected platforms. Blockchain allows the seamless operation of the technology that connect partners and customers on a more reliable scenario that can hold the transaction data. It can also process the tasks by leveraging connected technologies like Internet of Things (IoT), Artificial Intelligence (AI), sensors, item identification data etc.
The adoption of Blockchain technology is increasing gradually as more companies are coming forward to experiment and launch pilots. Most of the efforts were focused on the two major key supply chain issues: asset tracking and supply chain visibility.
According to Sylvie, the Associate Partner for Supply Chain Optimization of Infosys Consulting, Blockchain within supply chain management continues to upgrade with various experimentation along with the launch of specific use case pilot programs.
Most of the experiments have done to food and pharma supply chains, powered by the requirement for traceability starting from the raw material to the end customer.
Macr Degen, the co-founder of Modum, believes various companies trying to understand the role of Blockchain in their system. Most of them think it is too early, and it does not possess the capability yet to deliver the exact requirement of the companies, due to the surrounding not so mature ecosystem. Whereas the payback periods are much longer than the traditional systems as an entire Blockchain-based model require a larger consortium to deploy.
According to the Global Industry Director at IFS, Steve Treagust, some organizations think Blockchain is nothing but a partner to cryptocurrencies, whereas some do not understand the requirement to adopt the new technology. This is especially true for the small to mid-sized companies while some of the bigger company can understand the actual potential of complex supply chains.
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