Why is Blockchain a game changer for supply chain management?
This report seeks to explain and clarify Blockchain technology, what it is, how it functions and its potential for use in the logistics and supply chain management sector.
There has been an increasing interest in the technology and various claims have been made regarding its potential for transforming businesses and their trading partnerships. Much of the commentary has either been very general or very technical, using terminology and phrases that are often obscure or overblown. We will seek to avoid falling into the same trap and welcome any feedback or commentary that may agree or disagree with this.
It is not our intention to produce a report that impresses with its volume of words. What we seek to do is provide concise explanations, illustrated with relevant graphics and where appropriate, links to external sources that can provide further detailed information. In many cases at present it may make no sense to implement blockchain technology, for example applications built around a centralised database and accessed by specific users. But where many companies need to share data between themselves, their suppliers, partners, customers and competitors, the most obvious being supply chain visibility, blockchain is an exciting option.
We should also keep in mind that Blockchain technology is still evolving and has a number of challenges ahead of it, not least performance. But this is the same for all technologies that emerge. The successful ones improve, adapt and evolve so long as they provide utility and value. Blockchain is at a very early stage in its evolution and as a reference point, how many people imagined what the Internet would become when Tim Berners-Lee launched the World Wide Web from a server in his office in 1991?