BLOCKCHAIN STRENGTHENING LINKS IN SUPPLY CHAIN
Although use of blockchain solutions in supply chain is still relatively low , Tech Mahindra is among the pioneers who are driving its adoption
WRITTEN BY : SEAN ASHCROFT
Cryptocurrencies and non-fungible tokens ( NFTs ) tend to hog most of the headlines when it comes to blockchain , but those behind the technology understand just how powerful it can also be in transforming crucial aspects of commerce , such as supply chain .
Supply chain lends itself to blockchain-based solutions because it ’ s growing increasingly complex . This creates challenges around communications and end-to-end visibility that can make processes inefficient – at a time when expectations around efficiency are increasing .
Blockchain is one solution that canhelp firms meet upply chain challenges .
But what is blockchain , exactly ? At its core , it ’ s a shared database . The term itself refers to a secure
and decentralised record of data that cannot be changed , formed across a peer-to-peer network .
Blockchain has ‘ vast ’ potential in logistics Some experts see vast potential for blockchain technology to be applied across supply , particularly within logistics functions . But the truth is , it will never be a Panacea for problems . It ’ s a technology that makes it possible to share data across digital networks safely , efficiently and with traceability , and that is where its power truly resides .
In a general sense , the use of blockchain in supply chain is seen as providing an alternative to traditional collaborative ways of working , which are typically manual
106 February 2023