How Applied Blockchain Can Streamline Supply Chain Management

We’re seeing more and more real applied blockchain use cases out in the world, in particular supply chain management. Terry Leonard explains how many companies are replacing inefficient, outdated processes with blockchain, creating a much higher level of compliance and transparency.
Terry Leonard
Terry Leonard
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How applied blockchain can streamline supply chain management

We all know that current processes in supply chain management (SCM) are inefficient and costly. And yet SCM is one of the most important parts of any business. Any process that involves planning and controlling the flow of goods, services, and information from source to destination, all working together well, needs to be seamless and transparent. But the traditional supply chain management process is anything but that! Manual tasks and complex paperwork make things clunky, costly and mean there’s a lack of educated consumer decisions. Which is why businesses are looking for new solutions that use blockchain technology to automate and streamline their operations. Is it happening in the real world yet? You bet it is. This piece in Cryptopolitan reveals that many high level companies like PepsiCo, Tomcar, Walmart Canada, and diamond company De Beers are already on the road to harnessing elements of blockchain to ease supply chain problems.

Applied blockchain and transparency

The key areas of focus for consumers in this area are visibility and disclosure, which has led to the need for tracking of products, tracking any changes to them, and also transparency between parties – which allows for educated purchasing decisions by consumers. According to the piece in Cryptoplitan, blockchain technology combined with smart contracts has the potential to revolutionise supply chain management by:

  • Creating a high level of compliance and transparency
  • Reducing late payment legal fees and penalties 
  • Stopping fraud and counterfeit goods.

What can a blockchain platform like FALKOR do?

Our enterprise blockchain platform FALKOR can offer:

  • Security and transparency around transactions 
  • A shared platform for transactions, so increasing efficiency 
  • Reduction in fraud instances (and the ability to find the fraud source if it occurs)
  • Immense potential for businesses seeking to partner with one another 
  • Data solutions for safe exchange and audit between businesses. 

As the article suggests (and we’ve also previously reported), so many enterprise use cases and applications are possible with blockchain technology. It can overhaul all business processes, including those in supply chains. The use cases described are a good real world validation of the properties and capabilities a platform like ours can bring to supply chains, but they’re not the only ones. We’ve seen plenty of diverse use cases in other areas too.

Blockchain can support sustainability

One other positive area we’ve seen is how features of blockchain can support sustainability efforts. This is understandable when you think about improved efficiency, improved audit, and an increase in transparency and exchange between companies. It makes elements such as ESG (Environmental, Social and Governance) reporting easier to track and manage too.

The flexibility to integrate with other technologies

The final important point in the article mentions having a blockchain platform that can integrate with other technologies and services. And that’s why our platform FALKOR SI is deliberately built with a flexible and configurable API interface to make those integrations seamless. 

We also see FALKOR SI as being an aggregator to other technologies, applications, and services. Those behind the solutions or platforms need to have blockchain implementation, and blockchain consulting experience and expertise in order to achieve the kind of benefits brought forward from this article.

What FALKOR SI and ByzGen can do for you

Here at ByzGen, our consulting service means we can solve complex and critical challenges, thanks to our exceptional enterprise blockchain platform FALKOR SI. 

If blockchain implementation has piqued your interest, or you want to know more about how FALKOR SI can help your business, please do get in touch.

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