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Unlocking blockchain’s potential in your supply chain

Beneath the hype, blockchain is a maturing technology that offers great promise.

By ·

Blockchain has recently gained notoriety as the underlying technology behind the rise of bitcoin and other cryptocurrencies. However, its true value is far greater, with the potential to fundamentally change the nature of any transaction that requires trust and verification in industries from retail, banking/ finance and government to healthcare, transportation and oil and gas. Proponents say blockchain will lower costs, improve planning and strengthen brand reputations. Opponents say the technology is overhyped and not as efficient as traditional processes. A.T. Kearney’s view? We see blockchain as a nascent technology that is still maturing but offers great promise in driving efficiencies in your supply chain. 

A ledger innovation

Ledgers have been at the heart of every economic transaction since ancient times. From the first clay tablet that recorded characteristics of contracts, deeds and purchases to today’s high-speed computers, companies rely on accurate, secure and reliable data. Blockchain is a ledger innovation that can make your data more robust, secure and error proof.

At its core, blockchain technology is a “distributed ledger,” with each ledger representing a “chain of blocks” containing data from multiple transactions, such as asset characteristics, price, date and parties involved. Blocks are continuously linked to each other forming a chain that is a complete historical list of all transactions. This ledger is continually shared and reconciled by all members. Because the records are stored by many keepers and available for all authorized users to see, it is auditable and verifiable.

This complete article is available to subscribers only. Log in now for full access or start your PLUS+ subscription for instant access.

By ·

Blockchain has recently gained notoriety as the underlying technology behind the rise of bitcoin and other cryptocurrencies. However, its true value is far greater, with the potential to fundamentally change the nature of any transaction that requires trust and verification in industries from retail, banking/ finance and government to healthcare, transportation and oil and gas. Proponents say blockchain will lower costs, improve planning and strengthen brand reputations. Opponents say the technology is overhyped and not as efficient as traditional processes. A.T. Kearney’s view? We see blockchain as a nascent technology that is still maturing but offers great promise in driving efficiencies in your supply chain. 

A ledger innovation

Ledgers have been at the heart of every economic transaction since ancient times. From the first clay tablet that recorded characteristics of contracts, deeds and purchases to today’s high-speed computers, companies rely on accurate, secure and reliable data. Blockchain is a ledger innovation that can make your data more robust, secure and error proof.

At its core, blockchain technology is a “distributed ledger,” with each ledger representing a “chain of blocks” containing data from multiple transactions, such as asset characteristics, price, date and parties involved. Blocks are continuously linked to each other forming a chain that is a complete historical list of all transactions. This ledger is continually shared and reconciled by all members. Because the records are stored by many keepers and available for all authorized users to see, it is auditable and verifiable.

 


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From the September-October 2018
This month’s issue will help you in your job of staying ahead of the pack, following the leaders and, with luck, blazing the next trail.
The 2018 Supply Chain Top 25: Follow the leaders
NextGen technologies: Building the supply chains of the future
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Supply Chain Managers Hoping to See Rebound in Global Ocean Cargo Container Sector
The continued rise in fuel prices and chartering rates had a negative impact on the earnings of the...
APICS Awards of Excellence Salutes Prominent Supply Chain Leaders
APICS CEO Abe Eshkenazi noted that there was a “record-breaking” number of nominations in four...

How Inbound Logistics Networks Can Be a New Source of Savings
A capstone research project sponsored by a major CPG company looks at how different supply network...
Damco’s Supply Chain Services Under Maersk Banner Will Be Tracked Closely by Managers
Industry analysts have greeted the news with mixed forecasts....