There are two terms often seen in the juxtaposition of the supply chain in recent times: coronavirus and blockchain. One puts a lot of pressure on the supply chain, while the other is ready to revolutionize it. New use cases and new report bring blockchain and supply chain in perspective.
First, it becomes evident that the blockchain somehow becomes a “safe” for retail data, providing a digital method for storing and sharing data among multiple stakeholders. For example, if a merchandise manager needs to define inventory levels for a national chain, more than one participant can view the data – including the supplier, if they are on the authorization list for that block. Large-scale networks, in particular, can take advantage of this functionality, which has two other retail benefits: blockchain data updates itself, and because its permissions are limited, it cannot be tampered with by a third party.
This “unique version of the truth” (similar to a bank balance) is the blockchain version of trust.
“Blockchain seeks to create trust within a network in a different way,” according to Lexology, a technology site based in the United Kingdom. “Rather than having only one master copy of the database, each participant in the network has their own copy of the same database. This is why the blockchain is called distributed or decentralized. As everyone in the blockchain network has an identical copy of the database, each participant knows with confidence that “what I see is what you see”. “
The Chain Integration Project (CHIP), a proof of concept of blockchain initiative supported by leading manufacturers and retailers organized by Auburn University, has shown that blockchain and RFID technologies, when combined , amplify value for retailers. By using serialized data exchange, blockchain and RFID can reduce or eliminate the need for human surveillance in inventory management and other fundamental aspects of supply chain surveillance.
Industrial blockchain spending is expected to exceed $ 11.7 billion by 2022, and no wonder: from retail to manufacturing to quality assurance, blockchain is used to maximize the value of to streamline the processing and transmission of data. Despite the bandwagon, the hype surrounding the blockchain rush is based on solid science. Due to the structure of blockchain technologies, there are additional layers of security that do not exist in prior digital technologies. Scientists are even discussing the use of blockchain as a standardized verification system for scientific discovery.
Blockchain technology allows retailers and their suppliers to reduce noise from foreign data and automate access to information, making the real-time supply chain and external data accessible and easy to authenticate. Simplification and security are top priorities for small businesses, especially when it comes to managing transactions and data warehousing.
A recent round table and public hearing on the blockchain, held at the White House, brought together industry figures and entrepreneurs, who testified about the benefits of using technology to increase the efficiency of small businesses. They also recognized the need for guidance on the evolution of relevant government regulations.
Small businesses are also demanding CRM products and payment solutions that use blockchain technology, not only because of the improved speed (since authentication is created at each point of contact), but also because CRM processes based on the blockchain have new tools from top to bottom. data that offers a multitude of perspectives in a frictionless format.
Since blockchain technologies excel in security and data transfer, they are ideal for global companies like Walmart, which have complex sales and manufacturing relationships, and millions of transactions and business activities. authentication to manage.
Recently, IBM, Walmart and other big brands have collaborated on an ongoing initiative to make public blockchain a safer space for enterprise-level ERP and CRM activities. The project, called Baseline Protocol, will use a distributed blockchain-based system designed to be context sensitive and tailored to the unique security and scalability needs of each brand. While still in its infancy, the project may disrupt the blockchain’s persistent reputation in the “Wild West”, allowing large companies – who often hesitate to adopt non-proprietary technologies – to finally use the technology as a consistent data-driven solution.