Understand the need for incorporating Blockchain into supply chain management..
The ultimate basis for any kind of business is the demand and the supply loop. Both of them play a crucial role to keep the game going. But from the recent incidents of, the closure of almost two-thirds of KFC’s 900 restaurants in the United Kingdom due to the shortage of chicken, makes a point very clear that the supply can play a critical role amongst both.
Finally, it was investigated that the failure was due to, not any shortage of chickens, but due to human error. This particular incident leads to an undoubted conclusion that maintaining the record of the supply chain and account are critical. But there is absolutely no need to worry as the blockchain technology is here to provide an amazing solution to this problem.
Blockchain wave in supply chain management
There is a very wrong notion of some of the people that the Blockchain Technology is only used to develop cryptocurrencies but it has a lot many other applications as well. The most widely used digital record keeping method, the Blockchain Technology can intelligently be used in order to maintain the supply chain data integrity.
The unique way in which the Blockchain Technology helps in preventing data tampering is through sharing it to a number of nodes. Since all the members of the network have a copy of it, no one person can alter the data. The Blockchain Technology is also centralized in nature which means that there is no single Central authority who owns the entire system, but it is of a distributed type which means the authority is somewhat distributed equally among all the members of the network.
It’s amazing ability to provide security to a database through the distributed network storage system has made it a very important technology to be used in many Business models. Through this feature, it will also build the trust among its customers which is very important in this competitive edge.
The initial companies which will readily adopt blockchain technology in their business model in order to gain the trust of its customers will have an early movers advantage. Below are a few etiquettes to be followed in order to incorporate Blockchain Technology into your business.
Do not adopt the blockchain technology just because of the hype
In this millennial generation, the youngsters tend to adopt almost any technology just to try it out because it stirs up a lot of excitement in them. It is also one of the reason most of the big companies try out the technology just because they can, and, end up wasting valuable resources. This particular hype is very similar to that of the internet hype which occurred a few decades ago.
At last, it is to be kept in mind it is a viable option only if the business really needs to incorporate trust into its transactions. Trust is all about proof, we must be very clear in our minds what do you need to prove, and whom do we need to do it.
For an instance, if the supply chain management has a lot of transactions, then we must be releasing the need for trusting the data through the application of Blockchain Technology. Questions like, do my supply chain management list really needs to be verified? or do I need to verify just a part of it?
We live in a very fortunate world where there is absolutely no shortage of resources to learn a new particular Technology. Also read, 8 Influential women creating benchmark in Blockchain technology.
