FAQs related to Blockchain for Supply Chains
1. Can blockchain be used in all types of supply chains, regardless of industry or size?
Yes, it is possible to adopt blockchain in manufacturing, food and agricultural supply chains, medical and healthcare supply chains, and supply chains in logistics. Even though large business organizations are seen to have taken the lead in blockchain deployment, smaller business organizations cannot be left behind since they can join some blockchain consortia or use blockchain as a service.
2. How does blockchain technology address the issue of counterfeit products in the supply chain?
Through blockchain, the record of the transactions in products is maintained as a record, by which people are allowed to check whether the products are original or fake and whether they have undergone the respective stages of the supply chain or not. In particular, by preserving product details and ensuring their immutability through the use of blockchain, organizations can reduce fraudulent products from the market, and safeguard customers from deception.
3. What are the potential regulatory hurdles and compliance considerations for implementing blockchain in the supply chain?
Some of the challenges relating to the adoption of blockchain technology include the following: Required regulatory compliance may also differ from jurisdiction to jurisdiction as well as across sectors. To prevent the organization from running foul of the law about data protection and consumer rights, intellectual property, or even the financial aspect of the blockchain technology undertaking, such legal structures will have to be adhered to.
Blockchain for Supply Chains
Blockchain has become identified as one of the major disruptive technologies that hold great potential in the supply chain area. Historically, supply chain management has always faced several challenges such as; opacity, and weak supply chain controls to mention but a few. Blockchain, which is a distributed digital record system that is secured through cryptography, is well-equipped to handle many of these issues. Given that blockchain preserves information and transactions in an easily accessible and immutable form, this technology can strengthen trust with various parties, facilitate processing, and improve the supply chain.
Table of Content
- Current Supply Chain Scenario
- How can Blockchain Help in Improving the Current Scenario?
- Potential Benefits of Using Blockchain in Supply Chain
- Key Challenges for Using Blockchain in Supply Chain
- Case Studies Related to Blockchain in Supply Chain
- Conclusion
- FAQs