Supply chains operate like a "hall of mirrors" with billions, if not trillions, of document copies (and copies of copies) duplicated between parties. The result? Enormous complexity. Tracking, reconciling and verifying this torrent of inventory, purchases, invoices, bills of lading, shipments and receipts is hugely challenging. But there’s a solution. With blockchain strategies in place, substantial cost and efficiency benefits are achievable. And problems with reconciliation, miscommunication and poor contract enforcement can evaporate.
How blockchain will transform and simplify the supply chain
We have closely examined the benefits that blockchain brings to the supply chain. In today’s digital marketplace, they’re far-reaching and already within reach. Supply Chain leaders must act now to capture opportunities from blockchain in core areas of operations:
Why take action now?
Even basic application of blockchain technology in supply chains can deliver major cost and efficiency benefits—from connecting with suppliers and customers to enormous reductions in transaction volumes and irregularities. Shifting to one common blockchain journal of data can provide a massive opportunity for your enterprise, and what supply chain team would want to miss out on this?