Blockchain can change Supply Chain Management forever.

Blockchain is typically spoken of in terms of Bitcoin or cryptocurrency, but in regards to supply chain management, blockchain technology can be utilized with a bit of inventive thinking and application development.

Most large, global, supply chains have the need to provide stakeholders with transparency and traceability in their supply chain operations. In the modern age of digital business, one would think this process was simple and streamlined. However, still today, businesses lack the governance and compliance from suppliers that their end customer deserves.

Thinking of blockchain as a digital public ledger is important when delving into utilizing it’s technology for supply chain management.

“Because of the way transactions are recorded and tracked using blockchain technology, it makes it much easier to see everything happening in real time. It’s possible to monitor transactions, and the general and public distributed ledger means that you get updates and see what’s happening every step of the way (Nasdaq 2017).”

This can create a new form of transparency. Confirmed and reliable information and data that remains public and attainable from the moment it is posted and confirmed. The blockchain can be used to create supplier development programs, manage supply chain risks and avoid defective suppliers.

The power of the blockchain has not yet been utilized to it’s full potential when talking supply chain management, but the trends show that it could make serious impact in the coming years.

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