A Blockchain Overview
Many traditional supply chain transactions remain inefficient, expensive and vulnerable. Blockchain, a transformational, inter-enterprise application, is at the forefront of solving these problems.
Blockchains – distributed ledgers that create an unchangeable and shared record of every transaction associated with an asset – create an unbroken chain of trust from source to consumer. Each record is time-stamped and appended to the preceding event. Blockchains are ideal for managing inter-enterprise processes, and have the potential to generate breakthroughs in three areas: visibility, efficiency and trust.
Blockchain provides all parties secure and universal visibility into all transactions to finally solve the sup-ply chain problems that the industry has been facing for decades. As a trusted system of record, blockchains can also incorporate new data sources, such as the Internet of Things (IoT), and harness the power of cognitive computing so all ecosystem partners can make better decisions and increase efficiency. It solves the historic mistrust between organisations, including fear that information might be passed on to a competitor. Today, even when information is shared, it’s often not fully trusted.
According to Gartner, Inc., blockchain is one of the top 10 strategic technology trends for 2017. Early adopters in the fast-moving consumer goods industry are already creating eco-systems and deploying blockchain to strengthen trust, transparency and efficiency in the supply chain.
Blockchain will fundamentally change how companies interact and do business together. In this report, produced for our End-to-End Value Chain Learning Series, IBM shares how this technology will impact the value chain for retailers and consumer goods manufacturers. We hope our insights will highlight the value blockchain can bring to your organisation and help you get started on this transformational journey.