Blockchain is perhaps one of the biggest information technology breakthroughs since the internet. Whilst the internet was a huge step in sharing and searching for information, blockchain provides a new way to transact in an immutable, transparent and auditable way. Therefore, blockchain can potentially assist with traceability and transparency in supply chains. For organizations who want to get started with blockchain technology in their supply chain, we recommend following these three steps.
Step 1: Identify a lead blockchain opportunityIdentify the most compelling use cases by considering where blockchain might provide the highest value for your organization in terms transparency and trust, within the constraints of feasibility.
Step 2: Select a project to get startedIdentify ecosystem partner(s) where added value can be gained through collaborating. Consider a proof of concept and incrementally expand the scope. There are three core principles to use blockchain in a business ecosystem with ChainPoint:
- Enable ‘untrusted’ parties to work together; make sure that their data is protected.
- Select processes where parties want to be open.
- A blockchain needs to be built in a robust technology environment providing security, confidentiality, auditability, reliability and scalability.
Step 3: Leverage data for collaboration
Once a trusted system of record is in place, new data sources, connected devices and cognitive computing can be applied for even greater benefits. Supply chain professionals will be able to improve the blockchain, the parties’ interest and the collaboration.
Do you want more information on how blockchain can help you in monitoring and securing supply chains?