SHARE & SECURE DATA WITH BLOCKCHAINS - REAL WORLD APPLICATION IN SUPPLY CHAIN:

According to the facts, there's a very real possibility?that blockchains could become a standard tool?for managing global supply chain transactions.

Many of the challenges that we face in business?involve storing information securely?and exchanging information with our customers and suppliers.?

In this article, I will talk about how blockchains?could help us store and share supply chain data?in a new way.?

In practical terms, a blockchain is basically a database?that can be shared by lots of different people.?I think of a blockchain like a shared electronic log book,?which, by the way, is why blockchains are sometimes called?distributed ledger technology or DLTs.?

1. Let's think about how that could be useful in a supply chain?by examining what happens when a company places an order?with their supplier.?

2. It starts when the buyer generates some information,?like a purchase order number?and transportation routing instructions.?At the same time, the supplier creates a sales order?and tracks information like the lot numbers?and the serial numbers of the products?along with prices and scheduled shipment dates.?

3. The buyer and the seller are both tracking information?about that same order,?but they're doing it in completely different systems.?So they have to duplicate efforts?and pass information back and forth,?which often leads to delays and discrepancies.?

4. With a blockchain, they could each be entering?their own information into the same database.?That could speed up the transaction?and eliminate any discrepancies.?

5. And if both companies maintain copies of the blockchain,?then there's less risk of data being lost?due to an accident or a cyber-attack.?And if lots of other companies?were using that same blockchain,?they could all have access to the information they need?about the products moving through their supply chains.?

6. In some cases, they might even open up the blockchain?so that other people on the internet?can see what's happening.?That can be useful for auditing and compliance.?Or if they're concerned?about keeping the information secret,?they can limit who can join the blockchain?and what information they can see.?

7. Another interesting feature of some blockchains?is the ability to create smart contracts.?With smart contracts, you can create programs?that execute automatically when certain things happen,?like automatically paying an invoice?when a shipment is received.?

8. Blockchains can also be used to store digital property,?like pictures or music,?or they can store a digital twin of a physical object.?These are called non-fungible tokens or NFTs.?There's a growing trend to use NFTs?to authenticate products to reduce the risk of counterfeits.?

9. Of course, blockchains are also used?for tracking crypto currencies like Bitcoin and Ethereum.?And these are growing in popularity?as a way to pay for products and services.?

10, From synchronizing data to implementing smart contracts,?blockchains can help us solve?some of the most common problems that we face?in supply chains.

MY FINAL THOUGHT BASED ON FACTS:?

#. I think you'll find that the simplicity of storing, sharing,?and securing data with blockchains is going to play?an important role in enabling your digital transformation in logistics & supply chain management.

#. Companies that are early adopters of blockchain technology?will be in the best position to shape the direction,?set the standards and define the market.?

#. Those who ignore blockchain, or who wait to jump in later,?run the risk of falling behind,?missing the chance to participate in new markets?and losing market share in their existing markets.