Blockchain Technology And Supply Chain Management

When blockchain came up as a concept it was mandatory for bcg and for me personally to understand what this technology is all about and why and how it plays a role in supply chain management.

Blockchain technology and supply chain management. There are several supply chain startups such as cloud logistics who saw an opportunity to provide blockchain enabled supply chain solutions to improve efficiencies and reduce costs for the massive. On a superficial level by using the blockchain technology companies and organizations can. With blockchain technology properties of decentralization transparency and immutability it is the perfect tool to save the supply chain management industry. How blockchain is disrupting supply chain management.

It provides security and their user friendly features help the supply chain management to overcome many issues. Subsequently blockchain can increases the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment. It s true that blockchain was initially designed purely for financial transactions but it s also true that it s a highly versatile technology. As of now a payment after being initiated by the supplier takes days to reach the manufacturer.

On the other hand contractual agreements between parties need support from lawyers banking systems.