{"id":71867,"date":"2022-10-27T09:18:53","date_gmt":"2022-10-27T07:18:53","guid":{"rendered":"https:\/\/visionarymarketing.com\/?p=71867"},"modified":"2022-11-04T19:33:56","modified_gmt":"2022-11-04T18:33:56","slug":"blockchain-technology","status":"publish","type":"post","link":"https:\/\/visionarymarketing.com\/en\/2022\/10\/27\/blockchain-technology\/","title":{"rendered":"Can Blockchain Technology Innovate the Supply Chain ?"},"content":{"rendered":"

Blockchain technology<\/strong><\/span> is transforming<\/strong> the supply chain<\/strong> with limitless potential. It\u2019s strengthening connections<\/strong>, making it more secure<\/strong> and transparent<\/strong>. Therefore, it\u2019s a gateway<\/strong> for consumers<\/strong> to hold their favorite brands and companies accountable<\/strong> while guaranteeing<\/strong> product authenticity<\/strong> and responsible sourcing<\/strong>.<\/em><\/p>\n

According to IBM<\/strong><\/a>: <\/em><\/p>\n

\n

Blockchain for supply chain solutions help supply chain leaders use data to handle the disruptions of today and build resiliency for the future<\/em><\/p>\n<\/blockquote>\n

From UPS<\/strong> to Louis Vuitton<\/strong> to Pfizer<\/strong>, blockchain<\/strong> is improving efficiency<\/strong>, ensuring authenticity<\/strong>, and reducing costs<\/strong>. Big changes<\/strong> are on the horizon<\/strong> for many brands as they discover the potential<\/strong> and consumer demand rises<\/strong>.<\/em><\/p>\n

Will Blockchain Technology Provide Vital Solutions for the Supply Chain?<\/h2>\n
\"Blackchain
Can Blockchain technology be useful to the Supply Chain and innovation in that area?<\/figcaption><\/figure>\n

<\/p>\n

What is a \u2018Blockchain\u2019?<\/strong><\/h3>\n

A blockchain<\/strong><\/span>, simply put, is a shared database<\/strong> that records transactions<\/strong> and tracks assets<\/strong>.<\/p>\n

Let\u2019s break it down.<\/strong><\/span><\/p>\n

First, the \u2018block\u2019<\/strong>.<\/span> In this case, transaction information<\/strong>. The block<\/strong> stores information<\/strong> such as; the buyer<\/strong>, the seller<\/strong>, product<\/strong> type, and the amount<\/strong> exchanged, etc. In reality, a block<\/strong> is a hashed line of code<\/strong> comprised of various numbers and letters;\u00a0\u2018e3f44q2bn\u2026\u2019.<\/i><\/p>\n

\n

Sort of like a DNA strand, a block holds the information, and if the block is altered it would be considered a completely different block.<\/p>\n<\/blockquote>\n

Second, the \u2018chain\u2019<\/strong><\/span>. When a new block<\/strong> is made, the information<\/strong> gets encrypted<\/strong> and linked<\/strong> chronologically<\/strong> in a chain<\/strong>. Then a copy<\/strong> of the block<\/strong> is shared<\/strong> with everyone in the network<\/strong>. Storing<\/strong> the blocks<\/strong> chronologically<\/strong>, like a chain<\/strong>, means that each block relies on the block that comes before it<\/strong> like how each link<\/strong> of a chain<\/strong> relies<\/strong> on the link<\/strong> before it.<\/p>\n

\"Blockchain
Blockchain Technology is best known for being the underpinning of cryptocurrencies such as the (in) famous bitcoin<\/figcaption><\/figure>\n

Cybersecurity and Blockchain\u00a0<\/strong>Technology\u00a0<\/b><\/h3>\n

The security<\/strong><\/span> of the blockchain<\/strong> relies on the decentralized<\/strong> nature of the system<\/strong>. Everyone<\/strong> in the network<\/strong> gets a copy<\/strong> of the chain<\/strong>. If someone were to attempt to change<\/strong>\u00a0the information<\/strong> of a block<\/strong>, all<\/strong> the information<\/strong> in the chain<\/strong> following that would be void<\/strong> as there would be a break<\/strong> in the chain<\/strong>. This means that someone would have to adjust ALL<\/strong> the<\/strong> blocks<\/strong> following<\/strong> in order for the chain<\/strong> to accept<\/strong> that new block<\/strong>.\u00a0<\/span><\/p>\n

Let\u2019s say that someone accomplished this feat.<\/p>\n

The problem<\/span><\/strong> that arises<\/strong> is that this single chain no longer matches the chain that everyone else in the network has a copy of<\/strong>. This essentially voids<\/strong> that chain<\/strong>. The shared<\/strong> database<\/strong> recognizes tampering<\/strong> with the chain<\/strong> and corrects<\/strong> the information<\/strong>. This means that the only way<\/strong> someone could change<\/strong> information<\/strong>, is if they changed over half<\/strong> of all the chains<\/strong> in the network,<\/strong> which is nearly impossible<\/strong>.<\/p>\n

Supply Chain Implementation<\/strong><\/h3>\n

The supply chain<\/strong><\/span> has the potential<\/strong> of implementing<\/strong> blockchain<\/strong> technology<\/strong> in many<\/strong> ways.<\/p>\n

\n

Business runs on information. The faster it\u2019s received and the more accurate it is, the better\u2009\u2013\u2009IBM<\/a><\/p>\n<\/blockquote>\n

In the example above, a company<\/strong> can store<\/strong> transaction<\/strong> information<\/strong> to ensure authenticity<\/strong> and security<\/strong>. This helps with customer<\/strong> disputes<\/strong>, prevents fraudulent<\/strong> transactions<\/strong>, and false<\/strong> claims<\/strong>.<\/p>\n

Blockchain<\/strong> technology<\/strong><\/span> can offer tracking<\/strong> and traceability<\/strong>.\u00a0<\/span><\/p>\n

In sourcing<\/strong><\/span>, a block<\/strong> is created<\/strong> containing information<\/strong> about the exact<\/strong> location<\/strong> of where the raw<\/strong> materials<\/strong> were sourced<\/strong>. It can hold the payment<\/strong> and receipt<\/strong> information<\/strong> for the primary<\/strong> sector<\/strong>. This ensures<\/strong> proper compensation<\/strong> for the farmers<\/strong>, loggers<\/strong>, and miners<\/strong> acquiring the raw<\/strong> materials<\/strong>. An area that typically draws the short<\/strong> straw<\/strong> in the distribution<\/strong> of wealth<\/strong>.<\/p>\n

In<\/strong> transportation<\/strong><\/span>, a block<\/strong> is created<\/strong> containing information<\/strong> about each<\/strong> step<\/strong> in production<\/strong>. The lifecycle<\/strong> of a product<\/strong> can be stored<\/strong> that includes production<\/strong>, distribution<\/strong>, and delivery<\/strong>. Companies<\/strong> can display<\/strong> a public<\/strong> product<\/strong> blockchain<\/strong> to their consumers<\/strong> to showcase fair<\/strong> trade<\/strong> and ethical<\/strong> sourcing<\/strong>. The increase<\/strong> in transparency<\/strong> allows for greater<\/strong> trust<\/strong> from consumers<\/strong>. Public<\/strong> blockchains<\/strong> can even provide<\/strong> consumers<\/strong> with real-time<\/strong> tracking<\/strong> of a product<\/strong> which is vital<\/strong> in the evolution<\/strong> of last mile delivery<\/a><\/strong>.<\/p>\n

\n

Courier companies like UPS and Fedex are beginning to use this technology through BiTA.<\/p>\n<\/blockquote>\n

Examples<\/strong><\/h3>\n

Big name companies<\/strong><\/span> are already implementing<\/strong> blockchain<\/strong> technology<\/strong>.<\/p>\n

Fashion companies<\/strong><\/span> like Louis<\/strong> Vuitton<\/strong> and Prada<\/strong> are collaborating<\/strong> with Aura<\/a><\/strong> to authenticate<\/strong> products<\/strong> and display a transparent<\/strong> supply<\/strong> chain<\/strong>. Products<\/strong> are tagged<\/strong> with a microchip<\/strong> to display product<\/strong> authenticity<\/strong>, manufacturing<\/strong> date<\/strong>, and where<\/strong> it was made<\/strong>. The customer<\/strong> can also easily find the model<\/strong> number<\/strong>, where<\/strong> it was purchased<\/strong>, its description<\/strong>, and much<\/strong> more<\/strong> by simply scanning<\/strong> the<\/strong> tag<\/strong>. It can even show consumers<\/strong> the entire<\/strong> product<\/strong> lifecycle<\/strong> to ensure ethical<\/strong> sourcing<\/strong>.<\/p>\n

According <\/strong>to the Prada Group<\/a>: <\/strong><\/p>\n

\n

The technology offered by the Aura Blockchain Consortium enables direct-to-consumer access to product-history and proof of authenticity; they can easily and transparently follow a product\u2019s lifecycle, from conception through distribution, with trusted data throughout, and thus strengthen their relationship with their favorite luxury brands<\/p>\n<\/blockquote>\n

\"prada\"
Prada Group from Milan<\/figcaption><\/figure>\n

Big pharmaceutical companies<\/span><\/strong> like Pfizer<\/strong> and Bayer<\/strong> are collaborating<\/strong> with MediLedger<\/a><\/strong> to reduce costs<\/strong>, increase efficiency<\/strong>, and reduce chargebacks<\/a><\/strong> and fraud<\/strong>. For example, real-time tracking<\/strong> ensures compliance<\/strong> with regulations<\/strong> in temperature<\/strong> and humidity<\/strong>. Tagging<\/strong> drug inventory tightens<\/strong> the supply<\/strong> chain<\/strong> to reduce counterfeit<\/strong> drugs<\/strong>. As a result, this also helps<\/strong> when validating<\/strong> drug<\/strong> returns<\/strong> to manufacturers<\/strong> when wholesalers receive excess inventory<\/strong>.\u00a0<\/span><\/p>\n

According<\/strong> to Harvard Business Review<\/a><\/strong>:<\/p>\n

\n

The U.S. Drug Supply Chain Security Act of 2013 requires pharmaceutical companies to identify and trace prescription drugs to protect consumers from counterfeit, stolen, or harmful products<\/p>\n<\/blockquote>\n

The Big Potential of Blockchain\u00a0Technology for the Supply Chain<\/strong><\/h3>\n

There is big potential<\/strong> with the use of blockchain<\/strong> in many<\/strong> sectors<\/strong> of business.<\/p>\n

In the automotive<\/strong> industry<\/strong>, the technology<\/strong> can be used to store<\/strong> VIN<\/strong> numbers<\/strong> for easy recalls<\/strong> of vehicles<\/strong>, transfer<\/strong> car<\/strong> titles<\/strong> more efficiently<\/strong>, and track<\/strong> insurance<\/strong> data<\/strong>.<\/p>\n

For the food<\/strong> industry<\/strong>, it can display ethical<\/strong> sourcing<\/strong> and environmentally<\/strong> friendly<\/strong> practices<\/strong>. In the hospitality<\/strong> industry<\/strong>, hotel chains can reduce<\/strong> third-party booking services<\/strong> and create efficient<\/strong> booking<\/strong> and selling<\/strong> processes<\/strong>.<\/p>\n

In conclusion<\/span><\/strong>, blockchain<\/strong> technology<\/strong> has the potential to improve<\/strong> the supply<\/strong> chain<\/strong> of companies<\/strong> in ways we haven\u2019t even discovered yet<\/strong>.<\/p>\n

\n

The blockchain provides a more secure, decentralized way to store information companies can become more efficient and transparent than ever before<\/p>\n<\/blockquote>\n

As a result<\/span><\/strong>, connecting<\/strong> and tightening<\/strong> the supply<\/strong> chain<\/strong> from the source<\/strong> to the<\/strong> sale<\/strong>. Although, only the future<\/strong> can tell how blockchain technology<\/strong> will continue<\/strong> to improve<\/strong> and transform<\/strong> the supply<\/strong> chain<\/strong>.<\/p>\n

https:\/\/media.blubrry.com\/visionarymarketing_les\/agence.visionarymarketing.com\/files\/podcasts\/2022-11-04-EN-Jared-Roth-blockchain-supply-chain-mixdoxwn.mp3<\/a><\/audio><\/div><\/div>

Podcast (english): Play in new window<\/a> | Download<\/a> (Duration: 8:53 — 4.6MB)<\/p>

Subscribe: Apple Podcasts<\/a> | Spotify<\/a> | Android<\/a> | RSS<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Blockchain technology is transforming the supply chain with limitless potential. It\u2019s strengthening connections, making it more secure and transparent. Therefore, it\u2019s a gateway for consumers to hold their favorite brands and companies accountable while guaranteeing product authenticity and responsible sourcing. According to IBM: Blockchain for supply chain solutions help supply chain leaders use data to …<\/p>\n","protected":false},"author":113,"featured_media":72256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4077,4072],"tags":[],"class_list":["post-71867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-b2b-marketing","category-marketing-innovation"],"yoast_head":"\nBlockchain Technology: Can it Innovate the Supply Chain ?<\/title>\n<meta name=\"description\" content=\"Blockchain technology is transforming the supply chain with limitless potential. 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