Blockchain applications will streamline the supply chain

Globalization and the proliferation of internet-based technologies have enabled companies to build complex global B2B supply chains consisting of contract manufacturers, third-party logistics firms, distributors, dealers, and retailers.  

As global supply chains have become more complex, reconciling data increasingly relies on expensive, manual processes using fragmented information. 

Companies have critical business processes that rely on information in private records held by multiple suppliers. This needs to be held in one place. The answer is integrating blockchain into the supply chain. Blockchain increases efficiency and reduces costs and errors for next-generation supply-chain management.  

Transactions written to a blockchain platform are secure and immutable; this Digital Thread provides a transparent and trustworthy view of a product’s history as it travels through a multi-party supply chain. Research indicates that best-in-class firms are 2.4 times more likely to develop a Digital Thread tying together all phases of a product lifecycle. 

Read how companies are creating de-centralized product-data repositories that source transactional data using blockchain platforms to succeed, and how you can improve your supply chain in Strengthen your supply chain with a Digital Thread.