If you’ve been hearing a lot about blockchain technology lately, you’re not alone. Originally developed for digital currencies such as Bitcoin, blockchain tech has gone on to become the backbone of a new kind of Internet – and it can do wonders for your supply chain.
Our new insights paper, Automating trust in the supply chain, takes an in-depth look at how blockchain benefits the supply chain industry. As a business owner, you’ll be aware that nothing gets made without a supply chain, and the more links that chain has, the more vulnerable it is to breaking.
If you’re asking yourself “OK, but what exactly IS blockchain and how does it work?” don’t worry – the new insights paper provides a detailed explanation of blockchain, as well as specifics on how blockchain technology applications are providing real opportunities for improvement across supply chains, focusing on:
- Transparency – you and all your partners can view transactions securely
- Security – a database that utilises cryptographic security
- Trust – the way it works means a shared database all partners can trust
The insights paper goes into what happens when a supply chain breaks, and how blockchain technology can reduce that risk. It also outlines the benefits of using blockchain to a supply chain business and all its partners by ‘automating trust’, and being able to track a product through all its touchpoints.
As with all new technologies, blockchain does have its challenges which are outlined in the insights paper, including cost, scalability and its suitability for different businesses types.
If you’re wondering how CargoChain fits into the big picture, the insights paper details how we use blockchain technology as a mechanism to provide irrefutable evidence that cargo data and events recorded on the CargoChain Platform have not been tampered. Users can have complete confidence in all information recorded on CargoChain.If you’re keen to find out more about blockchain technology and how it can benefit your supply chain, download the insights paper Automating trust in the supply chain.