Blockchain technology can enhance visibility and increase efficiency across each segment of supply chain operations, offering clients guarantees on product authenticity, product guarantees and order tracking. Blockchain data immutability can offer clients and vendors guarantees in regards to distributed products or product components.
Product owners can track their orders using blockchain-based ledgers. This way, they have the vendor’s guarantees in regards to order details and delivery queue. Also, all product warranties and serial numbers of parts can be stored in the immutable ledger as legal evidence in any eventual dispute and, of course, to allow product verification and to remove counterfeit suspicions. A blockchain-based supply chain platform can improve both vendor processes by offering better traceability, but it can also serve product owners who can track the history of each purchased product.
In a supply chain BCDB case study, IBM has outlined key areas in supply chain operations that can be improved with blockchain: visibility and data consolidation, tracking, transparency and trust, real-time issue resolution. IBM and Maersk are collaborating on a blockchain-based platform to enhance shipping and secure global trade. This initiative aims to enhance transparency, simplify operations and create a set of open standards for moving goods across borders and trading zones. The IBM blockchain solution has also been adopted by a large aircraft manufacturer to track the origin and authenticity of components and improve tracking. The system is designed to enhance product verification by attaching digital documentation and certificates to components. The tech industry giant is also aiming to combine blockchain with AI to create a solution that will streamline inventory tracking in food supply chains, that could predict future demands and accurately monitor the condition in which perishable goods are handled and transported.