Webcast: Blockchain for Supply Chain and Logistics

Blockchain seems complicated, and it definitely can be, but its core concept is quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database is. 

A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?

Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built using hundreds or thousands of computers to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it.

BlockchainTechnology is changing the way organizations can track and manage supply chains from verifying sustainably produced goods to ensuring authentic goods are placed into the stream of commerce. 

While most supply chains are already managed using specialized software, cloud services, and analytic programs, blockchain offers the promise of further reducing manual (ofter paper-based) processes, enhancing traceability (particularly for regulatory compliance), and reducing IT costs.  

Blockchain offers the ability to trace digital and physical products through unique identifiers as they move from manufacturer to consumer. A recent McKinsey report estimated that "replacing the traditional processes with distributed ledger technology could increase trade volume by 15% and U.S GDP by up to 5%."

1. How blockchain provides provenance, authenticity, and traceability for products and product parts.
2. How blockchain can offer real-time updates for financial transactions and enable financial reconciliation via real-time updates and multi-level visibility, 
3. How blockchain smart contracts can enforce pre-agreed rules to help optimize planning and disruption response, speed up execution, and automate reconciliation across multiple organizations/parties.
4. How other organizations have improved partner/ecosystem operations, enabled real-time optimization, and increased collaboration, transparency, and trust

We hope you have found this article informative and interesting. For more information or queries contact us to know more about this technology.