Securing the supply chain with blockchain

Supply chain management was a big idea to improve visibility and control over goods a few centuries ago as it moved from point A to point B. However, with current technologies and concepts, it has become difficult to manage such a large and complex industry.

At the peak of Gartner’s promotional cycle, blockchain stands tall to meet the challenges of the industry, with transparency, security, and trying to solve problems that none of the existing technologies can solve. Blockchain has proved its utility in monetary industries such as remittances and cross-border payments and is expanding its reach to other industries such as healthcare, mortgages and monitors the origin of products across multiple geographic locations – an essential of the supply chain Part.

Blockchain – enhancing the supply chain

As a digital ledger ensuring both transparency and security, blockchain can fix and solve current supply chain problems. A simple application of blockchain in the supply chain would be to register goods transactions with price, location, date, quality and any other information that is relevant to the supply chain.

Whenever the product moves from one party to another, the digital transaction is updated with the new transaction. This entire process is automated, thus reducing the possibility of human error and it takes time for institutions to learn about the exchange.

Future of supply chain

Before blockchain can bring a boom in the supply chain, the industry itself needs to work around best practices and establish standards of technology that are acceptable worldwide. Once these questions are answered, blockchain features such as transparency, security and traceability can build bridges to develop the supply chain, thereby boosting our economies’ trust and preventing the implementation of questioning practices Is made more reliable.

Step 1: Stacking the ship and choosing the right map

Like any captain who reads his men and vessel before leaving for his next destination, follows a prepared reckoner and comes out of the experience with a plan and a strong gut feeling. Similarly, one must be vigilant and calculative about the choices one is making on their journey towards digital.

Step 2: Withstand the storm and stabilize your ship

Starting the journey with all the important things by your side, you are ready to see it. When you think everything is going smoothly, some unique challenges will call you. Those who have managed projects before digital are aware of some of the specific people management and administrative challenges that have come up during the lifetime of the project. The difference digital brings is the speed and techniques that one must use to respond to these challenges. I have summarized some of the common challenges facing digital users-

These are some of the challenges that digital teams will be facing and although all challenges look different, they are naturally well connected. The collective force of all these challenges is strong enough to tow the boat and bring the entire voyage to a standstill.

Step 3: Finding Nirvana

Once you are through these storms, the water will become more calm and wind gusts will help you reach your destination at the right speed. This is the time when you will make your first delivery of a digital project.

This is when the next set of questions pops — have I reached the destination?

If not, what’s next for me? When will I reach my goal? Answers to these questions are within your first delivery. There is a lot to learn from your first successful delivery, and by successful I mean a usable project with minimal defects, not zero defects. Your first delivery will give you ample opportunities to validate your efforts, idea and approach.

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