This uncertainty manifests itself in many areas. As supply chain leaders seek resilience and flexibility in the network, they often add new, relatively unknown supply chain partners. The unique capabilities of Blockchain can ensure commercial trust for transactions within these increasingly distributed networks.
GSCI has conducted dozens of case studies and interviews with executives from a wide range of industries to learn about the current benefits and limitations of blockchain. The document breaks down the terminology and structure of the technology and helps supply chain management professionals understand how blockchain can be used, how organizations are using it, and how to know if it will support their organization.
“Determining the ROI of blockchain can be a challenge for many supply chain management professionals, who typically haven’t fully explored its capabilities and compared it to their business models,” co-author Randy V. Bradley, explains the associate professor of supply chain management at Haslam. “Too many companies are wasting time and effort on blockchain archetypes for problems that already have solutions in the market.”
The study found that blockchain interoperability through standards set by organizations such as the Blockchain in Transport Alliance (BiTA) could be a significant advantage. Executives interviewed have consistently referred to him as a game changer. Currently, blockchain helps solve specific organizational challenges, such as establishing the provenance of products and reconciling invoices. While the number of applications with a definitive return on investment is currently limited, early adopters believe that learning the technology and the process adaptations required now will give them an edge in the market later.
For companies examining the feasibility of blockchain, this research can serve as a toolkit. Best practices from blockchain pioneers, such as requiring a value proposition for every blockchain member and ensuring that professionals are involved in pilot projects, can save time, money and frustration for businesses. companies. The document also provides a blockchain filter and blockchain decision support framework to assess the suitability and resources required for blockchain investments.
“When is the blockchain right?” is the 25th White Paper of the Global Supply Chain Institute. Copies of previous GSCI white papers are also available for download.
About the Global Supply Chain Institute at University of Tennessee, Knoxville Haslam College work
The Global Supply Chain Institute is the hub of a global network of supply chain professionals, business partners, students and academics. GSCI shares industry insights and best practices by producing some of the most advanced industry white papers and research in the industry, giving partners access to the ideas, network and training they need to stay at the forefront of supply chain trends and bring their organizations to the forefront. Of the industry.
SOURCE University of Tennessee, Knoxville Haslam College work