“ Effectively addressing labour risks in supply chains will require both bold action from individual companies and collective action across companies , suppliers , policymakers and providers of new tools and solutions ”
How can blockchain and IoT create a more responsible supply chain ?
In its article ‘ Continuous interconnected supply chain : Using Blockchain and Internet of Things in supply chain traceability ’, Deloitte explores how large volumes of data collected via IoT devices and recorded through blockchain can lead to a revolutionary new approach to supply chain . As an open-source technology , blockchain enables transactions to be recorded in a secure , auditable and transparent
“ Effectively addressing labour risks in supply chains will require both bold action from individual companies and collective action across companies , suppliers , policymakers and providers of new tools and solutions ”
— Deloitte way , whilst IoT allows no ‘ blank spaces on the map ’ by meticulously registering each step of a commodity ’ s journey . Deloitte summarises this tech combination ’ s key merits as :
• Fast – transactions can be carried out directly and with fewer intermediaries on automatically updated ledgers .
• Low cost – a computer automated process reduces labour costs and mitigates incidences of ‘ reconciliation work ’.
• Increased transparency – opensource technology means that all authorised personnel can conduct audits on the data , with all accounts rendered visible ( albeit semi-anonymously ).
• Reliable – transactions carried out in the blockchain cannot be retrieved or amended , enhancing data fidelity .
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