Supply chain development in blockchain helps overcome several challenges, from production to delivery. Owing to the widespread reach of the supply chain across the globe, multiple parties are involved. So, the parties involved in the supply chain should be monitored at all times.
Where did it start?
The introduction of blockchain technology to the first real-time supply chain was back in 2016 by IBM. With it, came a wave of technological advancements. Everledger was partnering with IBM’s blockchain-based tracking service to trace the origin of diamonds to ensure that they were ethically mined. Ever since its successful debut, supply chain development in blockchain became a promising prospect pursued by several organizations.
How did it help?
- Efficient tracking of data.
- Visibility across the globe.
- Transparency in operations.
- Trust regained through immutability.
Where do we stand today?
Due to the Covid-19 pandemic, multiple sectors linked to the supply chain have been affected adversely. But the industries integrated with blockchain services still function despite the crippling on-going pandemic. They offer different services such as manufacturing and deploying PPE overseas. The production and distribution of health care and personal protective equipment alleviate the losses faced by organizations. They also help streamline the business processes in order to effectively operate during the healthcare crisis.
Blockchain technology has enhanced supply chain development to a greater extent. It ensures proper execution of business processes during tough times. With future advancement, the potential of supply chain development in blockchain looks promising.