Blockchain technology is growing at a significant pace. According to Statista, the global blockchain market, valued at US$1.57 billion in 2018, is expected to grow more than a hundred times to US$163 billion by 2027.
Blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of data by duplicating transactions and dispersing them to “nodes” across the network. With organizations increasingly adopting this revolutionary technology, it is transforming the way they do business.
What Industries Will Benefit From Blockchain?
According to 15 of Forbes Technology Council members, industries that will benefit the most from blockchain include:
Law enforcement and security: Currently, it can be difficult for police to know if video evidence is legitimate or altered. With blockchain technology, video evidence is signed and time-stamped in a way that is non-repudiable, so it cannot be altered using deepfake software, which is easily available online.
Supply chains: The global supply chain is notorious for being difficult to navigate and monitor. This problem often leads to goods being lost or expiring if left out of cold storage. With blockchain technology, these goods can be more easily tracked and monitored using sensors.
Identity management: By providing a global ID in which organizations will need to obtain consent to use data, blockchain will give ordinary people greater control over their online identity and personal information.
Software security: By providing “dependency controls that are automatic, tamper-proof, and decentralized,” blockchain will make software far more secure. Offering “in-depth dependency graphs” allows those purchasing the software to know exactly what it contains.
Media: Blockchain could potentially remodel the rights and ownership of media assets— though current industry standards pose some obstacles to this topic.
Messaging apps: Blockchain could improve messaging app security by providing a crypto wallet address. This process would allow you to sign into the app without having to use your personal financial information.
Real Estate: Blockchain could potentially simplify the real estate industry by removing the need for middlemen such as lenders, property managers, and brokers.
How to Expand Your Blockchain Skills
With distributed ledger technology becoming increasingly popular, many technical professionals are looking to expand their skills to include blockchain. The Q1 2022 Workplace Learning Index, performed by the online learning portal Udemy, found that courses on decentralized blockchain applications were the top lessons among global learners in technology and power skills in 2022, IT Pro reported. Other key findings from the report include:
- Technical skills in decentralized apps (dApps) and platforms like Binance experienced more than 450% growth in usage compared to the last quarter of 2021. Internationally, interest in learning skills in Openstack Cloud increased by 444%, while FastAPI skills grew by 304%.
- Lessons for Amazon Web Services Certified DevOps Engineer and Laravel were the two most popular skills in the United Kingdom, with 202% and 168% growth respectively, followed by Cucumber Software (118%), GitHub (108%), Apache Maven (107%).
Bill O’Shea, Udemy EMEA vice president, told ITPro that there has been a “rapid rise in blockchain upskilling” in Britain, revealing that blockchain “continues to be one of the fastest-growing areas within the employment market.”
“Learners are being savvy in preparing themselves for further developments and understanding of this area as it continues to dominate,” he said.
Given the number of industries that blockchain will impact, organizations will likely start recruiting more technical professionals with knowledge of this increasingly popular technology. Is your organization’s workforce prepared for the blockchain revolution?
Get Practical Guidance on Blockchain Solutions
Developed by experts, A Step-by-Step Approach to Designing Blockchain Solutions recaps the basics of the technology; the expected benefits of a blockchain solution; how a solution would benefit a prospect company; and more.
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Resources
Forbes Technology Council. (10 June 2022). 15 Industries That Could Significantly Benefit From Blockchain Technology. Forbes.
Millman, Rene. (26 May 2022). Uptake for blockchain skills courses surges 450% in 2022. ITPro.
From regulatory compliance to invoicing dilemmas, businesses are dealing with some major headaches – and turning to blockchain for a cure. Among these businesses are automakers harnessing blockchain technology.
In May 2021, French automaker Renault announced it had created a new blockchain solution to ensure European auto industry components are in compliance with new regulations that impact the entire automotive supply chain from start to finish. Known as Compliance End-to-End Distributed (XCEED), the solution tracks the compliance of thousands of vehicle components as they are assembled in real time, Just Auto reported. XCEED was developed by a consortium encompassing automotive suppliers Faurecia, Knauf Industries, Simoldes, and Coskunöz, in association with IBM.
These are not the only European automakers harnessing blockchain. Mercedes-Benz plans to develop a blockchain solution that will help trace harmful emissions. Volvo is using blockchain to track cobalt in its battery supply chain for use in electric vehicles. Additionally, BMW will work with Amazon (AWS) on solutions to boost operational performance and supply chain transparency. The company’s PartChain Platform uses certain AWS services as well as open-source blockchain management tools to better track parts and raw materials across the supply chain.
Blockchain Helps Walmart Canada Shrink Invoice Discrepancies from 70% to 1%
Retail giant Walmart Canada is now using blockchain technology to create an automated system that manages invoices from and payments to its 70 third-party freight carriers in order to prevent payment disputes.
Formerly, the retailer depended on numerous information systems between itself and its carriers. Not only did this hinder communication, it also meant that the company needed to manually handle dispute resolutions– a problem that wasted time and labor.
The company’s blockchain solution, DL Freight, regularly collects data along every point of the network. From the carrier’s tender offer to the proof of delivery and payment approval, all of the data is automatically processed in real-time and is easily accessible to all involved parties. With this new blockchain solution in place, no more than 1% of the company’s invoices contain discrepancies now, compared to 70% previously.
DL Freight’s success is largely due to how Walmart Canada implemented the technology. According to Harvard Business Review, some essential lessons from the company’s blockchain adoption are:
- It obtained views from all major stakeholders:
Getting perspective from all parties involved ensured the solution worked for everyone. - It considered all pros and cons of adopting private vs public blockchain:
Whereas public blockchain networks can provide a more streamlined solution without the need for restrictions and intermediaries, a private network can be better for businesses since it provides more privacy and access restrictions, making the network more secure. - It ensured all parties involved were in agreement over rules:
Since every company has its own unique “fixed and variable processes and costs,” it was vital that all parties agree prior to implementation. - It embedded automated “checks and balances” into the blockchain:
This prevented mistakes and helped the company spot areas where it could make improvements.
As supply chains and regulations become more stringent and complex, more organizations will turn to blockchain as a solution. Is your organization ready to adopt this revolutionary technology?
Designing Blockchain Solutions
Get practical guidance for how to design a blockchain solution with the IEEE five-course program, A Step-by-Step Approach to Designing Blockchain Solutions. Developed by experts, this course program recaps the basics of the technology; the expected benefits of a blockchain solution; how a solution would benefit a prospect company; and more.
Contact an IEEE Account Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Reference
Vitasek, Kate, Bayliss, John, Owen, Loudon, and Srivastava, Neeraj. (5 January 2022). How Walmart Canada Uses Blockchain to Solve Supply-Chain Challenges. Harvard Business Review.
Duke, Sam. (6 May 2021). OEMs look to blockchain solutions for compliance and parts performance. Just Auto.
The COVID-19 pandemic triggered a dramatic shift to digital transformation as millions of employees began to work from home. Now, with pandemic disruptions suppressing global supply chains; manufacturers, ship operators and importers are switching from paper to digital transactions using blockchain technology, reports Enda Curran in Bloomberg.
As discussed in a previous post, blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of the data. Among its many benefits, blockchain provides secure data sharing that is necessary for trade. One organization already using blockchain technology to make trade easier is Global Shipping Business Network (GSBN), a Hong Kong-based nonprofit technology consortium that simplifies trade using blockchain. Its product Cargo Release has reduced the process of physical document exchange at Shanghai port from as many as three days to just two hours.
“There’s no more people going to a shipping line counter to present documents,” GSBN Chief Executive Bertrand Chen told Bloomberg.
How Blockchain Creates Transparency in the Food Supply Chain
Blockchain is doing more than helping companies cut back on paperwork. It’s also creating better transparency, safety, and traceability, according to Maclean’s. Particularly within the food supply chain, blockchain’s digital ledger provides consumer insight into the products they purchase from farm to table. Before they find their way into kitchen pantries, food products make their way through a long chain of stakeholders: farmers to truckers to manufacturers to importers and exporters to government agencies to grocery stores. If anything goes wrong, such as a food recall, locating the offending product can be near impossible. As a result, producers and suppliers in these situations are often forced to throw away the entire product inventory, constituting an enormous waste.
However, Erik Valiquette, president of the Canadian Blockchain Supply Chain Association, told Maclean’s that replacing the current process with a blockchain-enabled system that can store “timestamped activity and verify transactions throughout the food supply chain,” in conjunction with “artificial intelligence, robotics, scanners and the internet of things” will create a more “efficient and transparent” infrastructure.
How Blockchain Prevents Fraud in the Supply Chain
Blockchain can also reduce and prevent fraud. As various stakeholders input data along the supply chain, any inaccurate or fraudulent data is tracked and stored, which can be used to hold accountable anyone who inputs bad information. This accountability makes altering or melding with product data much more difficult.
“All players will be forced to take a step back, look at their processes and make sure that the data-entry mechanisms are accurate,” says Valiquette. “Will that keep an actor from putting in bad information? Probably not. But by automating certain processes, talking with industry partners, and building a system together, the chances of bad information are greatly reduced.”
The global supply chain’s adoption of blockchain is just taking off. As companies continue to struggle, the need to integrate this emerging technology into the supply chain will only become greater.
Preparing Your Industry for Blockchain Technology
In addition to the supply chain, many fields can benefit from distributed ledger technology. Check out Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain to learn about highly anticipated use cases.
Developed by leading experts in blockchain technology, this five-course program is ideal for managers, professional engineers, and business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Curran, Enda. (15 November 2021). Blockchain to Ease Logjams as Supply Chains Ditch Paper for Digital. Bloomberg.
Sing, Nathan. (11 November 2021). How blockchain could revolutionize food supply chains—and lower your grocery bill. MacLean’s.
From patient-centric hospital networks to higher quality medicine, blockchain technology is revolutionizing healthcare in a number of ways. As discussed in previous posts, blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of data by duplicating transactions and dispersing them to “nodes” across the network.
According to Jose Morey, Chief Executive Officer of Ad Astra Media and Chief Health Officer of Ever Medical Technologies, the secure and transparent nature of blockchain means that it has a number of potential applications in the medical industry. Writing in Forbes, he notes a number of ways that blockchain is already transforming healthcare.
Blockchain Applications That Could Revolutionize Healthcare
Blockchain will allow the medical industry to share and access patient data securely: The technology will “facilitate finely customizable openness while upholding only the best security standards for true interoperability,” Morey writes. This will allow health information systems to “work together within and across organizational boundaries” to enhance healthcare delivery. Chronicled is one company that is already using blockchain to secure patient data.
Blockchain will improve contract negotiations: In the healthcare industry, contract negotiations often get quite complex, which can take up a lot of time as a result. Blockchain, however, is already providing a solution. A company called Curisium uses the technology “to create a platform for rebate negotiation and contract management,” Morey writes. He adds that the platform streamlines traditional processes by allowing “providers and payers to take part in innovative contracting arrangements.”
Blockchain can foster innovation and connect large hospital networks: For example, a company called Ever integrated a “blockchain, data-driven, patient-centric network” within Thailand’s medical system. The technology connected more than 170 hospitals and 5 million patients. “It enables best-in-class security for all connected data and parties while maintaining close and easy communication with trusted parties— all on a flexible, future-proof, scalable blockchain foundation,” Morey says.
Blockchain allows organizations to create both secure and transparent networks: With blockchain technology, hospitals can quickly and easily share patient data in a way that is fully secure. “Protected by state-of-the-art security solutions, attackers would require vast computational capabilities to even attempt targeting a blockchain-powered network, severely limiting the frequency, possibility and effectiveness of attacks,” states Morey. One company utilizing blockchain in this way is Patientory, which develops “patient-centric applications” that provide up-to-date patient histories and data, pandemic tracking and reporting, and secure communication with verified healthcare personnel.
Furthermore, blockchain has the potential to greatly improve the quality of medicine. According to Pharmacy Times, OCEASOFT, a company that makes atmospheric monitors for supply chains, and Chronicled, an Internet of Things- and blockchain-focused supply chain technology business, are working together to implement blockchain for atmospheric monitoring in the drug supply chain. These monitors glean information such as CO2, temperature, and humidity, which is stored in a decentralized ledger. Buyers and sellers can use this secure ledger to monitor the quality of drugs across global supply chains. Such a system would also help prevent fraud and the purchase of expired drugs.
These blockchain transformations are only the beginning. It’s only a matter of time before more industries are harnessing this revolutionary technology.
Preparing Your Industry for Blockchain Technology
In addition to the healthcare industry, many fields can benefit from distributed ledger technology. Check out Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain to learn about highly anticipated use cases.
Developed by leading experts in blockchain technology, this five-course program is ideal for managers, professional engineers, and business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Kenney, Skylar. (28 October 2021). The Case for Leveraging Blockchain to Improve the Global Health Supply Chain. Pharmacy Times.
Morey, Jose. (25 October 2021). The Future Of Blockchain In Healthcare. Forbes.
Improving transparency and security, preventing fraud, and reducing errors along supply chain routes are just a few of the ways blockchain can help businesses thrive. Perhaps the biggest benefit of all is the amount of time and money blockchain can save companies while boosting trust and customer loyalty.
“We see a major application of blockchain in supply chain operations,” Cindy Jaudon, a senior leadership team member at IFS, an enterprise software developer, told Forbes. “Blockchain enhances the traceability of goods through an indelible audit trail, improving security, transparency, and regulatory compliance. Businesses can also benefit from greater efficiencies by more quickly identifying where the supply chain might have been impacted, which will enable them to work toward a quicker resolution.”
How Blockchain is Transforming Supply Chains in the Seafood Industry
The seafood industry is just one example of how blockchain is elevating supply chains globally. For decades, seafood buyers had no way of knowing for sure where their fish came from or how it was processed. Now, some fisheries are using blockchain to give their customers insight into precisely where, when, and how of their products. All a customer has to do is scan a barcode to access details about the seafood stored on the blockchain. This decentralized digital ledger of transactions records data about the fish beginning with where it was caught. It can even include the name of the specific fishing vessel.
“When we catch the fish, we take the head, tail and fins off, then a digital tag gets attached to the trunk of each fish before it gets frozen onboard,” Steve Paku, a fishing captain who works for Austral Fisheries, which has been using blockchain technology since 2019, told The Guardian. “Blockchain backs up the traceability of the fish more substantially–I think this will become the norm in the future.”
When combined with DNA testing, blockchain can also provide information about the specific species of fish customers are buying. This can prevent fraud, a common problem in the seafood industry. Additionally, blockchain can prove to customers that their fish has been caught sustainably and ethically, a major step forward in solving the world’s overfishing problem. (Over 34% of fisheries are overfished, according to the United Nations Food and Agriculture Organization (FAO), a top authority on the industry).
How Will Blockchain Improve Food Supply Chains?
Within the food industry as a whole, blockchain is poised to dramatically transform supply chains. A few ways it will do so include:
Streamlined decision making: Due to silos within the industry, decision making within the current global food supply chain is often fragmented. Because blockchain gives all stakeholders insight into what’s happening in the supply chain, it enables them to make more streamlined decisions.
Reduced waste: By giving stakeholders end-to-end transparency throughout the supply chain, blockchain can help them quickly spot and fix problems (such as improper storage, temperature changes, and mishandling), and reduce food waste as a result.
Greater customer satisfaction: Within the current siloed food supply chain, a product’s history is often unclear, as in the case of seafood. As a result, many customers mistrust the information on their food packaging. However, blockchain gives companies the ability to tell customers exactly when, where, and how their food was processed. This transparency can increase customer trust and boost brand loyalty.
Increased clarity on where and how companies should invest their money: Because blockchain gives companies a clear picture into what’s happening in their supply chains, they are better able to pinpoint specific problems and issues within their operations, allowing them to make targeted investments and save money.
Blockchain is still in its infancy, and there is a long way to go before it can fully resolve some of the issues that plague today’s global supply chains. However, the technology has enormous potential to revolutionize entire industries and the supply chains they depend on. For those who adapt the technology early, the benefits can potentially be huge.
Understand Enterprise Blockchain for Your Industry
Besides food supply chains, what other industries can benefit from blockchain technology? Get Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain, a five-course program from IEEE, to find out. Developed by leading experts in blockchain technology, this advanced program provides business use cases across key industries and sectors. It’s ideal for managers, professional engineers, as well as business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Choudhury, Saptarshi. (2 July 2021). How Transparency Will Elevate the Post-Pandemic Food Supply Chain. Supply Chain Brain.
Forbes Technology Council. (30 June 2021). 16 Tech Experts Share Blockchain’s Potential Outside The Finance Industry. Forbes.
Turns, Anna. (9 June 2021). Hook to plate: how blockchain tech could turn the tide for sustainable fishing. The Guardian.
How many fisheries are overfished, and what does that mean? Sustainable Fisheries.
The Internet of Things (IoT) has the power to connect all devices through a cloud-based ecosystem. In the future, it could potentially undergird the infrastructure of smart cities in order to make communications far more streamlined and efficient than they are today. However, a major obstacle for IoT is that it still depends largely on centralized platforms. This can make sensitive data vulnerable to hackers.
Blockchain technology has the potential to fix this problem. As discussed in a previous post, blockchain is a decentralized digital ledger of transactions that records data in a way that prevents hacking and altering of the data. It does this by duplicating transactions and dispersing them to “nodes” across the network.
Blockchain would allow contracts known as “smart contracts” to be completed autonomously in a decentralized manner, creating a web of connected devices that gives users control over their own data.
Unfortunately, there are obstacles preventing a full merger between blockchain and IoT. Currently, all IoT devices that “talk” to each other must be on the same blockchain. Similar to how the internet runs on a vast web of servers, a future IoT will need to rely on a network of blockchains. As such, scalability is a major obstacle to merging IoT and blockchain, as current blockchains have yet to reach this level of maturity.
While there are obstacles, the integration of blockchain and IoT would be revolutionary. It would create a record of every transaction made on the IoT, which cannot be altered, making data far more secure. Additionally, it would streamline the entire supply chain—from manufacturing lines to consumers—giving every stakeholder access to documentation when required. Furthermore, a fully integrated blockchain and IoT will make industries that rely on one another, such as insurance companies and supply chain logistics, interconnected and seamless.
How IoT and Blockchain Can Revolutionize Healthcare and Finance
COVID-19 has created a logistical nightmare for both vaccine distributors and health care workers worldwide. Two of the most common vaccines, Pfizer and Moderna, must be kept at below zero degree temperatures or they will degrade. This vaccine challenge is a primary example of how blockchain and IoT can work in tandem to streamline operations and enhance distribution.
As discussed in a previous post, vaccine manufacturers can place IoT sensors on vaccine packaging or even on individual vials which allow distributors to track and monitor their location and temperature during delivery, and quickly spot and fix problems as they arise. When the vials arrive at vaccination centers, health care workers can scan the packages to get immediate access to important information about the quality of vaccines.
Blockchain and IoT also have the power to revolutionize finance through smart payments. For example, JPMorgan Chase & Co recently piloted blockchain payments between satellites orbiting Earth. As an experiment, the bank worked with a nanosatellite supplier called GOMspace, which gave them the ability to run software on their satellites. The test revealed that blockchain networks can fuel transactions between devices, and that it’s possible to build a marketplace where satellites send data to one another in exchange for money. Such a system, for example, could allow a smart refrigerator connected to the IoT to order food from an e-commerce site when it runs low and give an autonomous vehicle the ability to buy gas.
While obstacles for blockchain and IoT remain, a merger between the two has the potential to radically impact our world.
Understand Enterprise Blockchain for Your Industry
What other industries can benefit from blockchain technology? Get Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain, a five-course program from IEEE, to find out. Developed by leading experts in blockchain technology, this advanced program provides business use cases across key industries and sectors. It’s ideal for managers, professional engineers, as well as business leaders.
Contact an IEEE Content Specialist to learn more about how this program can benefit your organization.
Interested in getting access for yourself? Visit the IEEE Learning Network (ILN) today!
Resources
Chai, Raullen. (7 May 2021). Internet of Trusted Things: Democratizing IoT. IoT for All.
(24 March 2021). The Future of the Internet Of Things with Blockchain. Manufacturing Business Technology.
Kavinsky, Marc. (10 March 2021). How Are Blockchain And IoT Helping COVID Vaccine Shipments? IoT Business News
Irrera, Anna. (24 February 2021). JPMorgan’s blockchain payments test is literally out of this world. Reuters.
As companies continue to grow, Blockchain-as-a-Service (BaaS) can help supply chain systems grow alongside the companies in order to better keep up with incoming demands. If an organization’s supply chain team need to spend all their time just keeping pace with demand, when will they have the time to think strategically and plan for the future? Learn how blockchain technology can help your company scale.
Transparency
While new companies may be able to track their data by using spreadsheets, the process is often time-consuming and hard to maintain as the company grows. With new partners and channels, data silos can make it difficult to manage your supply chain. Blockchain can help by connecting the data through its decentralized digital ledger, which creates a secure record of all product movements and transactions.
BaaS can benefit companies of various sizes, not just large corporations. This platform allows companies to connect their supply chain system with end-to-end visibility from any device with an internet browser.
Scalability
In order to grow a business, a holistic view is needed to ensure that both demand and growth are met. Blockchain provides this by ensuring companies are able to not only meet current demand but can grow.
Blockchain can provide organizations with greater scalability. Adding nodes as the supply chain expands allows for new channels to easily be added to the distributed ledger. Companies can immediately take these new channels into account when planning.
Data
As companies get busy, they may not have time to think strategically. Key performance indicators (KPIs) may not be reviewed, or they might be limited on data. Real-time data with blockchain technology can help create actionable information. Blockchain-as-a-service offers a digital view of what is happening in an organization’s blockchain at any given point. With the ability to view data at any time, it is easier to be more proactive.
BaaS in Real-Life
How exactly does BaaS look like in the real world? IBM is offering a blockchain platform that lets consumers know where their coffee comes from. In the app, “Thank My Farmer”, users can scan QR codes that shows them the journey of their coffee and supports sustainable farming projects through donations. Starting this March, consumers in the U.S. and Canada will be able to find these QR codes on Folger’s 1850 brand premium single-origin coffee and other well-known brands.
Starbucks is also in the progress of utilizing BaaS to help show consumers their coffee’s journey. Starbucks is working with Microsoft to develop a blockchain-based supply chain tracking system and mobile app that would show customers the journey from coffee bean to cup. No live date has been given for the app.
Prepare for the Future
Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain is a new five-course program from IEEE. Developed by leading experts in blockchain technology, this advanced program provides business use cases across key industries and sectors. It’s ideal for managers, professional engineers, and business leaders.
Connect with an IEEE Content Specialist today to learn more about this program and how to get access to it for your organization.
Interested in learning more for yourself? Visit the IEEE Learning Network.
Resources
Mearian, Lucas. (9 January 2020). Coffee industry looks to blockchain to brew a better supply chain. Computer World.
Soni, Pratik. (8 January 2020). Blockchain-as-a-Service: Ensuring your supply chain today can meet the demands of tomorrow. Supply & Demand Chain Executive.
As anyone responsible for supply chain management can tell you, the demand for accountability and tracking at every step of the supply chain just continues to grow. For example, consumers want to know where their vegetables were sourced, how they were grown, handling methods, refrigeration temperatures in transit, how long since they have been harvested, etc. However, that’s only the beginning of the information required of supply chain management professionals.
With increasingly sophisticated tracking and handling of the entire supply chain, both sensitive financial and confidential data can be shared between the supplier and the customer. And that’s where blockchain comes in.
How It Works
First, what is a blockchain? At its core, a blockchain is simply a distributed record-keeping system. Each encrypted transaction record is added to the blockchain, securely linked to the record before it. Because everyone on the blockchain has access to an encrypted copy of the record, it is almost impossible to alter. This greatly enhances the security of records, and it also has massive security implications.
Securing the Supply Chain
David Higgins shares a perfect example of the need for enhanced digital security of the supply chain in his article Supply Chain Meets Blockchain: A Perfect Match. He writes, “Following allegations of nation-states targeting the supply chain at the chip level to embed backdoors into both B2B and consumer technologies, organizations are increasingly embracing blockchain to secure their supply chains and reduce the risk of fraud. The distributed nature of blockchain makes it very well suited to validate every step in the supply chain – including the authenticity of hardware and software.”
Blockchain’s secure nature offers a number of interesting use cases in the supply chain field. A number of industry leaders, including Carrefour, Target, and Panalpina, are exploring blockchain pilot programs to see how the technology can be leveraged for supplier certification, trade document digitization, and more.
Paperless Supply Chain
Another benefit of using blockchain for supply chain is the potential for a completely paperless process. Not only is this process more secure with better data provided at every step, it’s also good for the environment. Samsung recently demonstrated the potential for this type of transaction when they received the very first paperless shipping container ever delivered. This transaction was financed through the blockchain, and every step was tracked.
“The first shipments to use the platform gave us a good insight into the possibilities of large-scale implementation. As cargo recipient, we benefited from real time information and advance availability of digitized cargo documentation. We can re-design our processes more efficiently, enabling us to act based on real-time events and trusted data. Ultimately, this will strengthen our service proposition to customers,” said Robert van der Waal, Deputy President of Samsung SDS EU/CIS.
It is clear that blockchain represents an important future for the supply chain industry. In fact, the global blockchain supply chain market size is projected to reach nearly $10 million by 2025 according to a report published by Global Info Research.
Is Your Organization Ready for Blockchain?
To help your organization better understand blockchain use cases at an enterprise level, IEEE has recently released a 5-course program series called Enterprise Blockchain for Healthcare, IoT, Energy, and Supply Chain. Learn about the importance of blockchain in applications beyond just finance as well as how they may affect your organization.
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Resources:
Higgins, David. (25 Jul 2019). Supply Chain Meets Blockchain: A Perfect Match. SecurityBoulevard.com.
Green Car Congress. (26 Jul 2019). First Blockchain Container Shipped to Rotterdam; DELIVER. GreenCarCongress.com.
VMR. (25 Jul 2019). Blockchain In Supply Chain Market Is Thriving Worldwide, Business Status and Industrial Outlook till 2024. RiseMedia.net.