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Blockchain Supply Chain

Blockchain: The Backbone Of Digital Supply Chains

Blockchain: The Backbone Of Digital Supply Chains

Blockchain: The Backbone Of Digital Supply Chains Supply chains today are inherently complex, encompassing many players from around the world. Many supply chains face challenges that have significant implications in terms of cost, speed, and (product) quality. In our experience, the most critical supply chain challengesdespite years of efforts and often significant investmentsare lack of transparency due to inconsistent or even unavailable data, high proportion of manual (paper) work, lack of interoperability, and limited information on the products lifecycle or transport history. In many cases, blockchain applications can counter these inefficiencies and add new value. Blockchain was first deployed commercially about four years ago in the financial-services industry to make trade/claims settlements and international payments more secure and efficient. More recently, other industries, including retail and consumer goods, are piloting blockchain applications. By leveraging the technologys decentralized cloud database, which records data in non-changeable blocks that can be shared with any number of players, global players like Walmart or Carrefour intend to increase transparency and drive value at every step of the supply chain. End-To-End Blockchain-Enabled Supply ChainExample Of Dry Aged Beef Taking the supply chain of dry aged beef as an example, the significant potential of blockchain along the whole supply chain quickly becomes apparent (see End-to-End Blockchain-Enabled Supply Chain). In response to customers increasing demand for local and organic products with clear origin, for example, retailers could provide selected product-related data through an app. With a simple QR-code scan on their smartphone, customers could validate every step the beef has taken throu Continue reading >>

Blockchain Will Be The Killer App For Supply Chain Management In 2018

Blockchain Will Be The Killer App For Supply Chain Management In 2018

Blockchain will be the killer app for supply chain management in 2018 The distributed ledger technology that underpins cryptocurrencies is now poised to disrupt supply chain management especially in the global shipping industry. Use commas to separate multiple email addresses Tech Talk: Where blockchain's going this year This year, blockchain testing programs will evolve from pilot tests to real-world platforms, and supply chain management is among the industries the distributed ledger technology is set to disrupt. In January, Maersk and IBM announced a joint venture to deploy a blockchain-based electronic shipping system that will digitize supply chains and track international cargo in real time. The new platform could save the global shipping industry billions of dollars a year by replacing the current EDI- and paper-based system, which can leave containers in receiving yards for weeks. A new blockchain-based, distributed electronic ledger could save the shipping industry billions of dollars by replacing outdated systems for tracking cargo and getting approval from customs and port authorities. A lot of companies are interested in blockchain for creating more efficient workflows, but supply chain management is one of the "big, killer apps," according to Vipul Goyal, an associate professor in the Computer Science Department at Carnegie Mellon University (CMU). "For example, as goods move from one place to another or one part of a company to another..., companies are interested in using blockchains to keep track of how goods are moving and where they are," said Goyal, who is part of CMU's Cryptography Group. Paul Brody, Ernst & Young's (EY) Global Innovation Leader for Blockchain Technology, said the blockchain market over the past 18 months has been going through an " Continue reading >>

5 Companies Using Blockchain To Drive Their Supply Chain

5 Companies Using Blockchain To Drive Their Supply Chain

5 companies using blockchain to drive their supply chain Businesses are using the ledger technology behind Bitcoin to track their supply more efficiently. Building a slide deck, pitch, or presentation? Here are the big takeaways: Businesses are beginning to adopt blockchain technology to track their supply chain more efficiently. Blockchain technology creates a record of each spot it has been in, making it useful for the enterprise, especially in the shipping industry. Blockchain, the ledger technology that supports Bitcoin and other cryptocurrencies, is being increasingly adopted for enterprise use. Since it creates and maintains a permanent transcript of an item's transactions, blockchain technology can be helpful for tracking a company's supply chain. Using the emerging technology instead of past methods could be more efficient and accurate, saving businesses time and money. Here are five companies experimenting with using blockchain to drive their supply chain. SEE: IT leader's guide to the blockchain (Tech Pro Research) Using blockchain, Walmart employees can track some products back to their rootsliterally. After scanning mangoes or a couple dozen other products with the store's app, employees can see which farm the fruit came from and where it's stored in the backroom, according to the Wall Street Journal. The technology could help customers understand where their food comes from and could streamline the restocking process. The world's largest shipping company completed its first test of blockchain technology in March 2017, looking at how it could help manage its cargo. In the test, Maersk, Dutch customs, and US Homeland Security were all able to remotely access data about the cargo, suggesting the technology may streamline and secure international shipping. The Continue reading >>

Blockchain Is Strengthening Links In The Supplychain

Blockchain Is Strengthening Links In The Supplychain

Blockchain is strengthening links in the supplychain A transparent and tamper-proof distributed ledger is poised to transform outdated methods of tracking and authenticating goods in the supplychain Precious stones retailer De Beers wants touse a blockchain ledger to track diamondseach time they change hands from themoment they are mined An inherent ability to allow more secure, transparent and easy tracking of transactions and objects has piqued interest in blockchain among global supplychains. Certainly, many major players have this year declared they are ready to bet big on this form of distributed ledger. Global shipper Maersk says it will launch an industry-wide trading platform powered by IBM blockchain. The companys bosses hope it could form a utility that brings standards across the entire ecosystem. Essentially, Maersk wants to digitise the entire supply chain, tracking online and in real time tens of millions of shipping containers globally from end to end, a process that normally involves up to 30 people and more than 200 different communications. Beyond tracking containers, the cryptography-secured online ledger that blockchain provides, paired with electronic tracking technology, could also prevent product counterfeiting and fraud, putting an end to scams like the 2013 horsemeat scandal or more recent reports that real cat fur is being sold on the high street as fauxfur. Blockchain has the potential to create a very deep level of traceability and origin by storing information in a place where you can guarantee it wont be tampered with, says Renato Grottola, DNV GLs digital transformation director. Any product or raw material can be given a universal unique identifier or code from the moment it is made. This would be logged on to the blockchain and every ti Continue reading >>

Blockchain In Supply Chain: 2 Ethereum-based Projects That Demonstrate How Blockchain Can Improve Supply Chains

Blockchain In Supply Chain: 2 Ethereum-based Projects That Demonstrate How Blockchain Can Improve Supply Chains

Blockchain in Supply Chain: 2 Ethereum-Based Projects That Demonstrate How Blockchain Can Improve Supply Chains Supply Chain // Adam Robinson // February 6, 2018 // 1 comment Supply chains are messy. Blockchain in Supply Chain Can Help. A manufacturer in China doesnt read the specs on an order. A supplier in Mexico mixes up two similar parts. An ecommerce fulfillment warehouse in the USA sends the wrong packages to customers. On top of all that, billions if not trillions of dollars worth of potential working capital are tied up in illiquid assets such as 90-day invoice payouts or even the real estate value of, say, a warehouse or factory building. [WHITE PAPER] The Top Supply Chain Trends that Will Impact Supply Chain Management in 2018 The inefficiencies that plague supply chains have seemingly been around forever. Maybe Ethereum could provide a long-needed solution. 2017 was the year that blockchain technology finally made world headlines, but it was mostly for the wrong reason. While Bitcoins jaw-dropping rise in value stole the attention, what flew under the radar was the potential application of blockchain in supply chain, the technology underpinning most cryptocurrencies, including Ethereum. Ethereum shares some common features with Bitcoin, including how its mined by computers and codifies unique data that can be used to track everything from transactions to an exchange of goods (more on that below). Otherwise known as a distributed ledger, the automatic recording of data into the blockchain allows for cryptocurrencies such as Ethereum or Bitcoin to serve as way more than just a store of value. What makes Ethereum different is that it actively encourages software development teams to use its open-source protocol to design tokens that run on top of the Ethereum b Continue reading >>

Global Supply Chains Are About To Get Better, Thanks To Blockchain

Global Supply Chains Are About To Get Better, Thanks To Blockchain

Global Supply Chains Are About to Get Better, Thanks to Blockchain Blockchain technology is uniquely suited to create efficiency improvements in supply chains, so that we end up with dynamic demand chains instead of rigid supply chains resulting in more efficient resource use for all. But challenges lie in the development and governance of the technology. Even before governments can be convinced to support this effort, and to do so in a globally coordinated way, industry must agree on best practices and standards of technology and contract structure across international borders and jurisdictions. Any system that promises to remove the inter-commercial frictions that curb trade while also enhancing transparency and control for businesses and their customers is inherently worth exploring. Its why an increasing number of investors, businesses, academics and even governments are starting to view blockchain technology as a much-needed platform for economic renewal. When an E.coli outbreak at Chipotle Mexican Grill outlets left 55 customers ill , in 2015, the news stories, shutdowns, and investigations shattered the restaurant chains reputation. Sales plummeted, and Chipotles share price dropped 42%, to a three-year low , where it has languished ever since. At the heart of the Denver-based companys crisis was the ever-present problem faced by companies that depend on multiple suppliers to deliver parts and ingredients: a lack of transparency and accountability across complex supply chains. Unable to monitor its suppliers in real time, Chipotle could neither prevent the contamination nor contain it in a targeted way after it was discovered. Now, a slew of startups and corporations are exploring a radical solution to this problem: using a blockchain to transfer title and recor Continue reading >>

Blockchain For Supply Chain | Accenture

Blockchain For Supply Chain | Accenture

HOW BLOCKCHAIN WILL TRANSFORM AND SIMPLIFY THE SUPPLY CHAIN We have closely examined the benefits that blockchain brings to the supply chain. In todays digital marketplace, theyre far-reaching and already within reach. Supply Chain leaders must act now to capture opportunities from blockchain in core areas of operations: by using blockchain to create a tamper-proof "master ledgers" between trading parties that check when new records are written, ensure there are no out of balance conditions, and remove the existence of bad invoices replicated across all partners to a transaction, which enables the impartial enforcement of contract terms Even basic application of blockchain technology in supply chains can deliver major cost and efficiency benefitsfrom 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? Gain greater visibility and efficiency across the entire supply chain to deliver higher value to your customers with Accentures blockchain strategies. Contact us to learn more. Continue reading >>

The Growing Maturity Of Blockchain For Supply Chain Management

The Growing Maturity Of Blockchain For Supply Chain Management

The Growing Maturity Of Blockchain For Supply Chain Management I cover logistics and supply chain management. Opinions expressed by Forbes Contributors are their own. I have stated that I consider blockchain the least mature of the emerging technologies poised to impact supply chain management. Based on what I've heard in recent weeks, I need to revise that opinion. Speakers from the technology community included Anant Kadiyala, Director of Blockchain & Industry Solutions at Oracle; IBM's David Noller, Executive Architect Watson IoT - Blockchain and Industry 4.0; and Steven Kim, a Senior Director at SAP. The user community was represented by Jeff Denton, the Senior Director of Global Secure Supply Chain at AmerisourceBergen. Blockchain technology is incredibly elastic. It can be shaped in different ways, to fit different processes, network node architectures, and participants. It is difficult to generalize about blockchain for business in a way that is universally true. But IBM, Oracle, and SAP - probably the three largest players in the business application blockchain space - were all addressing this topic in a very similar way. One point all participants agreed on is that blockchain for business applications is not Bitcoin. Bitcoin was the first blockchain application, it is an unregulated shadow-currency, and it is widely seen as a mechanism more conducive to financial speculation than conducting business. IBM, Oracle, and SAP all built their blockchain platforms on Hyperledger, a technology more suitable to building business applications. Like blockchain for cryptocurrencies, there are mechanisms to make sure transactions are authenticated across a network of participants with distributed databases. There are several differences between cryptocurrencies and blockch Continue reading >>

Breaking Counterfeit: Validating Supply Chains Using Blockchain

Breaking Counterfeit: Validating Supply Chains Using Blockchain

Breaking counterfeit: Validating supply chains using blockchain Breaking counterfeit: Validating supply chains using blockchain By Scott Nelson, CEO of Sweetbridge . Mar 15, 2018, 10:37AM Its an unfortunate truth, but weve all inadvertently purchased a counterfeit product at one point in our lives. The modern consumer market is saturated with them. In recent years, counterfeit manufacturers have entered big-name online retailers looking to make a profit from reproducing, and then selling, knock-off versions of our favorite brands. And, unbeknownst to us, we buy them, often at a premium, with little to no way of verifying their authenticity. In fact, counterfeit and pirated products are projected to drain $4.2trn from the global economy, and will put 5.4mn legitimate jobs at risk by 2022, according to the International Chamber of Commerce (ICC). Its a problem that most of us recognise, but few fully understand. Imagine purchasing a top-of-the-line product online. You see the picture, as well as the description, but how do you verify that what you receive in the mail is what you intended to purchase? As a consumer, this process can be extremely time-consuming and confusing. And as we enter an age where online retailers are increasingly the platform of choice for most buyers, many do not want to waste time validating their product. In searching for practical solutions, blockchain technology, which has gained international notoriety for being the mechanism behind cryptocurrencies like bitcoin, may hold the key to ensuring confidence in an increasingly uncertain consumer system. Blockchain provides users with a decentralised ledger that can store an entire history of transactions across a shared database. This record can be accessed and verified from virtually any location Continue reading >>

How Blockchain Can Transform The Supply Chain

How Blockchain Can Transform The Supply Chain

How Blockchain Can Transform the Supply Chain How Blockchain Can Transform the Supply Chain Nov 15, 2017 | Supply Chain , Technology | 9 comments Supply chain has become complicated. Some would say cumbersome. It takes days to make a payment between a manufacturer and a supplier, or a customer and a vendor. Contracts must be handled by lawyers and bankers, which means extra cost and delay. Products and parts are often hard to trace back to suppliers, making defects difficult to eliminate. Whether for industrial equipment, consumer goods, food products, or digital offerings, supply chains have headaches a-plenty. Friction in supply chain is a big problem. There are too many go-betweens. There is too much to-ing and fro-ing. The rise in uncertainty stops supply chains from working well. Suppliers, providers and clients must deal via central third-party entities, instead of directly with each other. What should be simple transactions turn into lengthy procedures with many steps. Blockchain could be the answer to many of these issues. This recent technology is what drives bitcoin and other so-called cryptocurrencies. However, it goes much further than a hackproof way of holding and exchanging money. Blockchain can be used for any kind of exchange, agreements or tracking. In a supply chain, it can apply to anything from self-executing supply contracts to automated cold chain management. What is blockchain? Heres a simple explanation. A blockchain is a distributed, digital ledger. The ledger records transactions in a series of blocks. It exists in multiple copies spread over multiple computers, which are also called nodes. The ledger is secure because each new block of transactions is linked back to previous blocks in a way that makes tampering practically impossible. As it Continue reading >>

Using Blockchain To Drive Supply Chain Transparency

Using Blockchain To Drive Supply Chain Transparency

Blockchain can provide increased supply chain transparency, as well as reduced cost and risk across the supply chain. Specifically, blockchain supply chain innovations can deliver the following key benefits: Increase traceability of material supply chain to ensure corporate standards are met Lower losses from counterfeit/gray market trading Improve visibility and compliance over outsourced contract manufacturing Reduce paperwork and administrative costs Strengthen corporate reputation through providing transparency of materials used in products Improve creditability and public trust of data shared Reduce potential public relations risk from supply chain malpractice Blockchain can enable more transparent and accurate end-to-end tracking in the supply chain:Organizations can digitize physical assets and create a decentralized immutable record of all transactions, making it possible to track assets from production to delivery or use by end user. This increased supply chain transparency provides more visibility to both businesses and consumers. Blockchain can drive increased supply chain transparency to help reduce fraud for high value goods such as diamonds and pharmaceutical drugs.Blockchain could help companies understand how ingredients and finished goods are passed through each subcontractor and reduce profit losses from counterfeit and gray market trading, as well as increase confidence in end-market users by reducing or eliminating the impact of counterfeit products. Furthermore, businesses can maintain more control over outsourced contract manufacturing. Blockchain provides all parties within a respective supply chain with access to the same information, potentially reducing communication or transfer data errors.Less time can be spent validating data and more can b Continue reading >>

Blockchain Technology For Supply Chain Management

Blockchain Technology For Supply Chain Management

Blockchain Technology for Supply Chain Management World trade settlement will be revolutionized by blockchain technology. Virtual currencies like Bitcoin are only the earliest use cases of blockchain technology. Blockchain technology will soon find application in real-world supply supply chain management. Ocean freight accounts for roughly 90% of goods traded globally. Surprisingly, ocean transportation is currently highly dependent on paperwork that has not been securely digitized. Shipping information usually travels through numerous companies and contractors, any one of which can cause a delay. A late approval or lost form can leave goods stuck at a checkpoint or port. The NYK Virgo is a container ship owned by the Barlett MarineCorp. A supply chain blockchain could boost transparency, trust, and predictability by allowing users to track where a shipment is at any given time. Since a blockchain is an immutable ledger, changes in possession and ownership of goods as they move from their producer to their point of retail could be entered into the ledger instantaneously and permanently. Because a blockchain is decentralized, it has no single point of failure. So, shipping, possession and ownership information could be better protected from tampering or hacks. Supply chain professionals can use blockchain technology to gather and use tracking data in dynamic new ways. For example, entries in a blockchain database could trigger other tasks such as the assignment of the next batch of goods arriving at a port to a certain dock or container area. Applying blockchain technology to instant settlement of transactions could also reduce friction in commercial financing, which underlies global trade and is currently an area from which many trade disputes arise. Additionally, disp Continue reading >>

Does Your Supply Chain Need A Blockchain?

Does Your Supply Chain Need A Blockchain?

Does Your Supply Chain Need a Blockchain? March 16, 2018 By AmitGaneriwalla , MichaelCasey , PremaShrikrishna , Jan PhilippBender , and StefanGstettner This article is the result of a collaboration between BCG and the MIT Digital Currency Initiative (DCI), based at the MIT Media Lab. Many new digital technologies at various stages of development hold promise for manufacturers and the supply chain. The challenge for management teams is knowing which technologies to invest inand when. Case in point: blockchain technology. Once seemingly at the far end of the time horizon, blockchains are suddenly poised for rapid growth. Why? Because they offer a solution to the growing problem of how to manage increasingly complicated networks of manufacturers and suppliers at a time when transparency, speed, and agility are critical. In virtually every industry, complex ecosystems are emerging to produce our increasingly smart, connected products. These ecosystems are straining our traditional approaches to supply chain management (SCM). For instance, a typical automaker today is likely to work with about 30 partners and many more suppliers across multiple industries to produce the technologies, applications, platforms, and services needed for a smart carand the lines between industries are blurring. Blockchain technology, which offers a more decentralized approach to data management and sharing, can improve the transparency, speed, and responsiveness of these complex ecosystems by the following means: Time-stamping, tracking, and automating transactions, so that events can be audited in real time Minimizing the involvement of intermediaries such as bankers, insurers, and brokers Setting up a wide range of self-executing contracts to automate repetitive processes such as billing and sh Continue reading >>

Supply Chain Management Review - Blockchain

Supply Chain Management Review - Blockchain

Become a PLUS+ subscriber and you'll get access to all Supply Chain Management Review premium content including: Full Web Access. All feature articles, bonus reports and industry research through scmr.com. 7 Magazine Issues per year of Supply Chain Management Review magazine. Companion Digital Editions. Searchable replicas of each magazine issue. Read them in any web browser. Delivered by email faster than printed issues. Digital Editions Archives. Every article, every chart and every table as it appeared in the magazine for all archive issues back to 2009. Bonus email newsletters. Add convenient weekly and monthly email newsletters to your subscription to keep your finger on the pulse of the industry. For PLUS+ subscription assistance, contact customer service. Need to access our premium PLUS+ Content? Our records show that you are currently receiving a free subscription to Supply Chain Management Review magazine, or your subscription has expired. To access our premium content, you need to upgrade your subscription to our PLUS+ status. To upgrade your subscription account, please contact customer service at: Email: [emailprotected] Phone: 1-800-598-6067 (1-508-663-1500 x294 outside USA) Become a PLUS+ subscriber and you'll get access to all Supply Chain Management Review premium content including: Full Web Access. All feature articles, bonus reports and industry research through scmr.com. 7 Magazine Issues per year of Supply Chain Management Review magazine. Companion Digital Editions. Searchable replicas of each magazine issue. Read them in any web browser. Delivered by email faster than printed issues. Digital Editions Archives. Every article, every chart and every table as it appeared in the magazine for all archive issues back to 2010. Bonus email newsletters. Add Continue reading >>

Blockchain: Supply Chain Entrypoints

Blockchain: Supply Chain Entrypoints

Current Supply Chains dont operate at the cadence of business. Blockchain could changethat. When we are asked about killer use cases for blockchain within enterprise systems, Supply Chain is the usual suspect and for good reason. Supply chain management and where its headed ticks off the blockchain use case checkboxes: multiple, non-linear relationships that must be managed within a vast, a-symmetrical, and complex ecosystem a critical need for truth and transparency between 3rd parties that cant trust each other a need for decentralization and democratization of data a need for a distributed, harmonized repository of data with real-time synchronization between all nodes (stakeholders) an opportunity to greatly reduce fraud/counterfeits as well as associated auditing costs. Before we get into blockchains potential entry points into the supply chain ecosystem, lets take a look at the two current trends in SCM *(Supply Chain Management): SCM has evolved to become a huge, global ecosystem. Multiple manufacturers, multiple relationships, multiple distribution models, multiple contracts. These complexities, layered with globalization, shorter product life cycles , and associated volatility in demand planning, has produced the most dynamic supply chain landscape we have ever experienced. In essence, the modern day supply chain is a complex system with non-linear, multi-tier relationships. Supply Chain Management, like many other industries in the past decade, has iteratively undergone transformational periods of digitization shifts to digital processes essential for remaining competitive and profitable in the global marketplace. Manifesting this trend is the terminology and concept of Digital Path to Purchase the omni-channel, tech-focused approach to supporting and acting o Continue reading >>

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