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Given how quickly blockchain technology has gained traction across a range of sectors, it appears to be the next big thing in the supply chain sector as well. With its rising popularity, adopting blockchain technology in logistics and supply chain management may potentially become standard practice in the years to come. Due to a number of causes, including technology, shifting markets, and global upheavals, 2023 is predicted to be an innovative year for supply chain management. Businesses will be able to make better decisions, spend less money, and react quickly to changing market conditions with the advent of Blockchain in the Supply chain.
Diverse technologies and techniques are evolving to improve supply chains as firms strive to implement greater efficiency and sustainability. In the upcoming years, Blockchain Supply chain Management practises are projected to undergo radical change as a result of the development of predictive analytics tools, blockchain technology, artificial intelligence, and Industry 4.0. Explore the upcoming trends and facts about the technology:
Major Trends For Blockchain in Supply chain 2023
The supply chain and logistics industry is predicted to be dominated by the following trends in 2023:
Automation of Supply Chain Management
Automated systems help firms reduce costs, streamline operations, boost productivity, improve supply chain visibility, and enable improved decision-making based on real-time data. Businesses must invest in cutting-edge technology like AI/ML, robots, and IoT (Internet of Things) in order to compete in a changing economy and enjoy these benefits. A recent survey by Gartner found that 61% of respondents thought technology gave them a competitive advantage. Many people point to emerging technology as an important area for investment, with 20% going toward robotics and Blockchain Supply chain Management.
Blockchain in Supply chain for Data Handling
Blockchain’s distributed ledger technology has enormous potential to revolutionise the supply chain industry. Businesses may safely store and disseminate data across their whole network by using blockchain technology. Smart contracts can also be used by businesses to automate processes and ensure that all parties are adhering to the rules. Businesses can swiftly track and trace items throughout their supply chains thanks to blockchain technology, guaranteeing that only authentic goods are delivered to customers. By doing this, the chance of counterfeit goods reaching the market is eliminated.
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IoT tracking is becoming increasingly significant in the supply chain industry. Using IoT-enabled devices, businesses can track the movement of their products across the supply chain quickly and accurately. They are able to swiftly make more informed judgements as a result of having a better understanding of their processes. This will make it possible to ensure that the operating procedures are efficient and adaptable despite changing market circumstances.
Most businesses have come to the conclusion in recent years that their supply chain and logistics strategies need to be changed since they are no longer working. They will need to scale up their efforts to stand out, run more effectively, and improve services in 2023 by coordinating with the key global macro-trends and Blockchain Supply chain Management. They will be able to influence the fundamental evolution and transformation of the sector and enhance the performance and resilience of the supply chain and logistics going forward.
How Does Blockchain Supply Chain Management Offer Solutions?
Companies can track all kinds of transactions more securely and transparently thanks to blockchain technology. The effect on the supply chain function could be enormous. Businesses can use Blockchain in supply chain to track a product’s history from its point of origin to its present location. A secure record of every transaction involving a product is created, providing a complete history from production through the sale.
The time delays, additional costs, and human error that are usually connected to transactions might be significantly reduced with the use of this potent technology if parties work together on a single shared platform. The risk of fraud is also decreased by fewer middlemen in the supply chain. Finally, thorough records help businesses identify the source of fraud wherever it occurs. A reliable and impenetrable audit record of the movement of data, inventory, and money within a supply chain is provided via a shared blockchain ledger. Businesses may synchronise logistical data, track shipments, and automate payments using Blockchain Supply chain Management. They can share only the most pertinent data while doing so without substantially changing their legacy systems.
Big Brands Utilizing Blockchain in Supply Chain System
The following use cases show the significant influence that blockchain technology has already had on global supply chains:
- Through the use of smart contracts, PepsiCo’s Project Proton, a blockchain experiment, automated parts of the organization’s supply chain for programmatic advertising.
- These contracts were utilised by the project to reconcile ad impressions from various data sources, enabling real-time payments using digital tokens and yielding a 28 per cent improvement in efficiency.
- The Australian automaker Tomcar accepts Bitcoin payments from three clients in Taiwan and Israel and uses it to pay some of its suppliers. International payment fees are no longer necessary thanks to blockchain Supply chain Management.
- Having reliable records to track items back to their suppliers is becoming essential in the food sector. For instance, Walmart tracks its products at every stage of the supply chain using IBM’s blockchain-based Food Trust. Food Trust is used for this by companies including Nestlé, Tyson Foods, Carrefour, and Raw Seafoods, among others.
- In order to trace fabric goods from sustainable forests all the way through production, the South African paper business Sappi and the Indian fabric manufacturer Birla Cellulose joined up to develop GreenTrack. More than 250 supply chain partners, including Walmart and Marks & Spencer, have used the platform.
- Mining behemoth BHP is adopting blockchain to digitally transform its business processes, using the technology to authenticate its suppliers and guarantee that all environmental, social, and governance standards are upheld across the supply chain.
- With China Baowu Steel, the business finalised its first blockchain iron ore deal in 2017 for about $14 million. The MineHub platform was used to effectuate the transaction.
The NEXT big thing…..
It is certain that blockchain technology will advance in the supply chain. Blockchain Supply chain Management has to be more effective and safer as blockchain technology is adopted more widely. Blockchain offers a distributed ledger platform that may be used to monitor and control the movement of information and items along the supply chain. Greater transparency and traceability are made possible as a result, which may increase the effectiveness of supply chain activities. Blockchain in Supply chain offers a framework for smart contracts and can help lower the risk of fraud and counterfeiting. As blockchain technology develops further, supply chain management applications may become more cutting-edge and futuristic.
Conclusion: Upgrade your skills now to stay relevant
The use of Blockchain Supply chain Management is a relatively new idea with a lot of promise. Businesses can develop a transparent and secure system for managing and tracking the movement of items across the supply chain by utilising blockchain technology. All parties involved may benefit from increased efficiency, lower costs, and supply chain visibility as a result. It is crucial to conduct a study and collaborate with a trustworthy organisation with experience in this field if you are thinking of implementing blockchain in your own company. Are you curious to know more about blockchain technology and how supply chains might benefit from it? Maintaining a learning journey is one of the finest strategies to increase your expertise and keep current with new applications.
Get in touch with the global leading and premium blockchain development company, Antier. We can help your company run and manage its supply chains, making them more effective, transparent, and secure. Reach out to learn more!
