Can blockchain be adopted for tangible goods rather than simply digital transactions? The jury is still out, yet it's critical for supply chain leaders to begin thinking about the potential upsides for utilizing blockchain to tackle the complex web of their distributed supply networks.
In our latest whitepaper, we explore how blockchain in a manufacturing setting differs from the typical blockchain applications in fintech (e.g. bitcoin), as well as opportunities, variables, and constraints that will impact blockchain adoption.
Improve Supply Chain Visibility with Blockchain
Blockchain has the potential to bring ‘track and trace’ and end-to-end supply chain visibility to a whole new level, especially when coupled with artificial intelligence, customized apps, RFID, or other IoT digital sensors. The potential visibility and insight improvements are extraordinary.
And like any supply chain director, the potential for cost savings and continuity of supply make blockchain an attractive area to explore, albeit with caution.
Complexity = Barriers to Adoption
Financial transactions are digital and fairly standardized, while manufactured goods are physical with little consistency of nomenclature or data structure. This, coupled with complexity of the manufactured goods and supply chains creates challenges with potential blockchain application.
This whitepaper and associated article also appeared at SmartIndustry.com