Blockchain and Its Applications in Asia/Pacific (Excluding Japan) Manufacturing and Supply Chains
The challenges around supply chain management in the recent times have been largely around product traceability and condition monitoring for ensuring the authenticity of the products being delivered. Organizations have been spending a substantial amount of money on third-party independent auditors for ensuring data sanctity. The time taken for this exercise could be substantial and could adversely affect products that have limited shelf life. To circumvent this problem, organizations have been increasingly using Internet of Things technologies for real-time data collection and blockchains to validate the authenticity of the data thus collected. The combination of these two technologies could drastically reduce the time taken for product data authentication while ensuring substantial savings. This is one of the many use cases that this IDC Perspective talks about in this document. The report also provides data around typical drivers and challenges affecting the blockchain adoption along with the projected revenue opportunities.Over time, blockchains are expected to become the backbone of every transaction and could substitute the role typically performed by independent auditors and financial institutions. "Blockchains will be one of the pivotal technologies that would allow organizations to measure the performance across their respective value chains through a 'single source of truth' and drastically reduce the challenges emanating from information gaps and inaccuracies," says Sampath Kumar Venkataswamy, research manager, IDC Manufacturing Insights.
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