One of the most fascinating speakers at the APICS conference talked about the value of blockchain. I knew to pay attention because the former head of the Drucker supply chain program also specifically noted the down-the-line value of blockchain, and I’m glad I did!
Immediate Benefits of Blockchain
Blockchain had some immediate potential down-the-line application for a key client. It is certainly good to be on top of emerging technologies and related applications. Are you considering out-of-the-box applications you might have dismissed previously?
Bitcoin and Blockchain
The first application of blockchain was bitcoin – which didn’t really inspire my interest. On the other hand, when you look at it like a revolutionary shared ledger technology which is immutable, immediate, collaborative, secure and permanent, it opens the mind to many possibilities. Who wouldn’t wish to track something like fish or paintings from origin through transportation to delivery and have technology close the loop with payment, knowing it is authentic? It is interesting that there is a counterfeit prevention aspect tied into this technology, as well.
Blockchain provides benefits to complicated processes.
Blockchain provides a potential solution for complex, multi-party, high-friction processes. There seem to be vast possibilities such as VMI, conflict minerals, customs clearance, cold chain for foods, supplier certification and much more. Do any of these types of situations apply to you? Or could they?
Why wait until the technology is officially launched before exploring. It could become an integral aspect of supply chain technology, and you do not want to be left in the dust.
Did you like this article? Continue reading on this topic: