Blockchain Associated With Supply Chain Is Quickly Catching Up
Supply chain blockchain will play a major role in ensuring the authenticity of products. They may help firms digitize ERP processesthat may be partially paper-based and that rely on spreadsheets. And they may eventually replace technologies such as Electronic Data Interchange-based transactions. Businesses are slowly shifiting towards blockchain as the technology is emerging and the investments in this domain have been pretty solid.
Businesses that may have a major impact on supply chain blockchain adoption, such as Walmart, are moving quickly. The retail giant was recently awarded a patent for a blockchain-enabled package delivery system. In an unrelated action, Oracle recently announced general availability of its supply chain blockchain PaaS.
Oracle’s platform has been in beta for months, and one of its users is Certified Origins, which produces extra-virgin olive oil produced by small family farms. It wants customers to be confident in the source of the product. Certified Origins’ blockchain offers an additional safeguard to olive oil producers’ existing traceability systems. “Blockchain further validates that traceability system through a single distributed ledger, inviting all participants in the supply chain to the same ledger,” said Susan Testa, director of culinary innovation at the firm.