Blockchain technology has the potential to turn the tables, helping industries and businesses by streamlining supply chain management. Blockchain is an open-source, distributed ledger that can record business transactions between participants in a secure, verifiable, and permanent way.
It’s designed as tamper-proof, hacker-proof, and makes data sharing to be secure and easy. The main important feature is guaranteeing the authenticity of the information that is stored in the system.
This technology is validating billions of bitcoin transactions across the globe. Blockchain in the supply chain is also being deployed as a revolutionary option to bridge the supply chain visibility gap.
Why blockchain for the supply chain?
Giant companies are massively turning to blockchain to simplify complex supply chain processes, reduce costs, and transform their supply chains from sourcing to warehouse to delivery to payment.
Companies also embrace blockchain to secure their supply chain process and reduce the risk of fraud. The open and distributed nature of blockchain makes it well suited to validate every step in the supply chain process, including hardware and software authenticity.
How blockchain can improve cybersecurity in supply chain management
Supply chain processes lack uniform digital infrastructure, and there are several intermediate players between a shipment’s source and final destination.
This makes it complex to guarantee transparency and accountability in a large supply chain network. The accuracy and security of information in a modern supply chain are necessary, mainly when finding who is liable.
There was always a daunting task in traditional supply chain management due to error-prone manual data logging processes and high cost in tracking the supply chain. This can be resolved by blockchain supply chain management development.
It is believed that the blockchain-based information exchange systems will play a humongous part in the transformation of cybersecurity in supply chain management.
There are many features available, especially for the betterment of security and operational efficiency. These features make blockchain for supply chain management as an ideal record storing tool. Perhaps, the most important feature of all is data accuracy.
Blockchains technology has total power to secure, authorize, and guarantee the quality and accuracy of data. Participants who enter information into a supply chain blockchain register are totally responsible for ensuring their information’s accuracy and reliability before it becomes part of a shared record.
Once the data is entered in a shared blockchain, then the technology guarantees zero vulnerabilities and authenticity. This improves cybersecurity in modern supply chain management.
Blockchain has certainly sparked positive change across the supply chain industry. It’s not enough for one or two industries to deploy the technology to gain true end-to-end visibility and enhanced data security across the supply chain. All organizations must join the blockchain platform and agree to abide by its standards.