When Blockchain Meets Supply Chain Management
Blockchain technology has gained a considerable amount of attention and importance in the modern industrial work scenario. It serves as the digital ledger platform that can be identified, validated, stored, and shared. This unique feature of blockchain makes it frictionless in terms of performing digital transactions. Therefore, it acts as an elastic technology that can be shaped into any form. The biggest players in the business such as IBM, Oracle and SAP have addressed the issue of blockchain technology moreover in a similar way. It was clear that blockchain for business application is not only about Bitcoin. All the three behemoths built their platforms on Hyperledger for building business applications.
However, there are mechanisms to make sure that transactions are secured and appropriately authenticated with distributed databases across the participants. Hyperledger based blockchain helps to manage and track legions of paper trails of transactions across the globe by digitizing the supply chain process entirely from end to end. This not only makes it transparent but also from the security perspective it is highly secured about the information among the trading partners. Therefore, it makes easy for the participants in the supply chain ecosystem to view the progress of the goods by easily understanding the location of their transit container. However, there are certain challenges associated with blockchain which are less technical though but requires a considerable amount of attention in order to make it standardized. Industry experts of some behemoth industries believe that 2018 is going to be a new landmark for blockchain technology by making it accessible in everyday usage of business applications.