Blockchain use cases in supply chain Management
The Blockchain technology effectively impacts various industries, supply chain management is one of the sectors which can strive to make a change. Here are some of the Blockchain use cases in supply chain management.
Blockchain use cases in Supply chain #1: Diamond Sourcing & Retail
Diamond is one of the most vulnerable assets and it is susceptible to counterfeits in the trading industry. Blockchain tracks and stores the structure & composition information about each unit of diamond right from the place of origin to the consumer. Throughout the entire process, the diamond’s authenticity needs to be validated at every stage, so as to avoid any mishaps. A well-known solution is provided by Everledger based on the Hyperledger technology. Everledger is a valuable asset tracking and management blockchain, custom built specifically for this purpose. The Hyperledger based supply chain management on blockchain technology can help curb illicit diamond trading.
Blockchain use cases in Supply chain management #2: Winery
Wineries are another industry where counterfeiting happens, due to the high value and high risk involved, blockchain can prevent another Rudy Kurniawan (the famous Wine counterfeiter) from popping up. With the help of blockchain technology, from the production, storage and bottling phase, the winery can imprint the entire journey of the wine, right from the source of the grapes to consignment in which the wine arrived.
Blockchain use cases in supply chain #3: Furniture
Purchasing expensive Designer furniture from an online marketplace is a leap of faith that the consumers take. There maybe multiple layers of manufacturers involved in the making of a furniture, sourcing each raw material from different providers to cut cost, they could compromise on the quality. To create the entire process and raw materials transparent, marketplaces can employ blockchain technology to identify, track and validate the claim by these manufacturers. Blockchain can help us get things on track with the furniture industry, so the information stays on record for years to come.
Blockchain use cases in supply chain #4: Food Safety
Across restaurants and food storage units, ensuring food safety is an utmost priority, as more and more people are falling sick/suffering due to cross-contamination, poor, unhygienic food items. All the ingredients that are being used to make the food product are tracked right from their source and the details of it are captured, every batch is serialized and then the details are stored on the blockchain, the data is publicly viewable by consumers. Blockchain ensures that all the data on it consistent and can’t be manipulated. Using AI, it could even predict the shelf life, inventory and other aspects related to food safety. This not only creates a transparency factor, but also your consumers can know and trust the product as they can be sure of what goes into making the product. On a side note, it is also a brilliant marketing strategy to tell a story of how the product came to be. The popular choice for the blockchain use cases in supply chain is the Hyperledger fabric blockchain.
Blockchain use cases in supply chain #5: Coffee industry
Coffee production is scattered, coffee roasteries/retailers purchase coffee beans from multiple producers and sell it under their brand name. That’s fine, but the real issue is when Single origin Coffees where the coffee beans are originated from a single coffee estate may be mixed with any other coffee beans to increase the volume without the consumers knowing it. Blockchain can be used to make the information about each batch of these coffee beans to make the consumer aware of the bean’s origin, whether it is from a single estate or multiple estates from the same region. Coffee is a widely consumed beverage around the world, making information available to the consumers would enhance the transparency and the brand’s image. It helps you get ahead of your competition. On the supply chain side, all the records would help in cutting down on unreliable manifests, logistical cost discrepancies and could potentially offer a better pricing for your consumers. A suitable choice for building a supply chain management on the blockchain would be the Hyperledger blockchain.
These are some of the businesses that would benefit from the potential efficiency that blockchain offers. Know of any other blockchain use cases in supply chain management, let us know in the comments below.