Blockchain Supply Chain Training
Blockchain Supply Chain Training
The blockchain is a network of many distributed parties who verify transactions. This eliminates the need for central authority. All parties can interact with each other and all interactions are public and pseudo-anonymous. The information stored on blockchain is unchangeable once it is recorded.
Currently, there are not many businesses that do not see Blockchain restructuring the complete value chain. It is the most talked about technology and some early starters have already rolled out full-scale Blockchain implementations and proofs-of-concept. While its most often talked about as a currency, Bitcoin is really more accurately described as a database or ledger that tracks transactions, hosted across many nodes and cryptographically guarded against fraud.
Blockchain Use Case in Supply Chain
The concept of Blockchain was originally developed to make secure peer-to-peer transactions using cryptocurrencies. Majority of use-cases for Blockchain have been introduced in the Financial Services Industry. But with its Distributed Ledger technology and Smart Contracts, Blockchain has been considered by many other industries for reducing cost, increasing efficiency and even for creating new revenue streams. One such industry that is experimenting with Blockchain is the Shipping Industry.
Cross-Border Supply Chain is a complex process with multiple parties involved, like freight providers, security agencies, border control, logistics providers, over and above the organizations involved in transactions. A lot of risks are involved, which entails a huge amount of paperwork. Blockchain provides a solution to ease the bottlenecks and save time, completely transforming the existing ways of Cross-Border Supply Chain.
Some of the critical features of blockchain which has proven it to be beneficial include the following :
- Decentralization
- Distributed ledger
- Database stored in chronological order
- Immutability
- Accessibility
- Security
- Transparency
- Auditability
- Traceability
- Quick response time