What is a blockchain and why is it useful for supply chains? When it comes to supply chain management, the blockchain can be a cutting-edge way to streamline all the moving parts, while also coordinating with multiple points of contact. The benefits of blockchain for supply chain management include improvements to security, visibility, accessibility, as well as transparency.
Before diving into the specifics of blockchain for supply chain, it’s first important to understand how the blockchain works. Simply put, blockchain consists of blocks of records on a ledger, which is audited publicly. As a result of this public record, if someone tries to tamper with, hack, or alter the ledger, it’s caught very quickly. This means that the data stored in blockchain is accessible as a single source of truth.
With that in mind, consider how effective blockchain might be when it comes to the supply chain process. For example, a procurement manager often goes through many steps and processes in trying to get a job done, which can involve multiple parties and employees, along with various locations. One single error in this intricate chain of events can often spell disaster for the entire chain.
But if you consider the accuracy and security of blockchain, every party is on the same page and relying on the same information. This helps to minimize disruptions and errors, and if something does go wrong, it can be addressed quickly.
With this knowledge, we can explore in greater detail how the blockchain’s specific features can benefit supply chain management.
Oracle has innovative tools to help your organization integrate the blockchain and make the most out of your supply chain management solution. Find out how Oracle can support bringing the blockchain into your supply chain process.