Blockchain in Supply Chain Management

Blockchain automates business logic in a programmable and secure way with the use of smart contracts. Automation removes unnecessary middlemen, boosts performance, and reduces the probability of a human error. All of that results in cost reduction from supply chain infrastructure.

In 2018, Walmart automated parts of their supply chains and reduced operational time for mangoes tracking from 7 days to 2.2 seconds by using blockchain.

Enterprise Blockchain-based supply chain solutions offer speed, visibility, security, and traceability by design. They optimize the processes across all tiers making them more agile and transparent. Companies receive deeper insights from their supply chains helping them to meet the demands of customers and regulators.

Furthermore, it allows businesses to fight the growing counterfeiting and piracy which, based on a recent report from Frontier Economics, is expected to reach US$2.3 trillion by 2022.

Applying decentralized technologies into your business and supply chain not only boost process optimization but it gives you a big competitive advantage. For instance, French retailer Carrefour SA has seen sales boosted by the use of blockchain ledger technology for their food supply chains.

Developing trust among your customers by providing goods with a traceable source in a transparent manner will position your company as a preferred choice for their needs.