have an account?【sign in】Supply chain blockchain examples: Blockchain Applications in Supply Chain Management
barretteauthorSupply Chain Blockchain Examples: Understanding the Power of Supply Chain Blockchain in Business Transformation
The supply chain industry has been evolving rapidly in recent years, with the advent of new technologies and the increasing complexity of global trade. One of the most promising technologies that has the potential to revolutionize the supply chain sector is the blockchain. This article will explore several supply chain blockchain examples and their impact on business transformation.
1. Walmart and IBM's Food Supply Chain Initiative
In 2018, Walmart, the world's largest retailer, and IBM announced a partnership to develop a food supply chain initiative using blockchain technology. The goal of this project is to create a transparent and traceable food supply chain, ensuring the integrity and safety of the products sold in Walmart stores. By using blockchain, the partners can track and share information about the origin, transportation, and distribution of food products, ultimately improving efficiency and reducing waste.
2. Procurement and Supply Chain Management at Siemens
Siemens, a German multinational corporation, has been using blockchain technology in its procurement and supply chain management process. The company has implemented a blockchain-based platform called Procure to Pay, which automates the entire procurement process, from sourcing to payment. By using blockchain, Siemens has reduced the processing time from days to minutes, decreased document processing costs, and improved data integrity and transparency.
3. Supply Chain Finance at IBM and Microsoft
IBM and Microsoft have partnered on a blockchain-based supply chain finance solution called Trade Trust. This platform enables businesses to secure loans more quickly and at lower costs by using blockchain to provide transparent and trusted information about the creditworthiness of suppliers. By automating the credit evaluation process and reducing the need for manual verification, Trade Trust has the potential to revolutionize the way businesses conduct trade finance.
4. Supply Chain Security at Accenture
Accenture, a global management consulting firm, has developed a blockchain-based solution called Supply Chain Assurance Platform (SCAP) to enhance supply chain security and risk management. SCAP uses blockchain to track and share information about the provenance, authenticity, and safety of products and components throughout the supply chain. By providing real-time data and reducing the risk of fraud and counterfeit products, SCAP can help businesses protect their brands and customer trust.
The examples mentioned above showcase the power of supply chain blockchain in business transformation. By providing transparency, efficiency, and security, blockchain has the potential to revolutionize the way businesses operate in the supply chain industry. As more companies continue to adopt blockchain technology, we can expect to see further innovation and business growth in the supply chain sector.