Top enterprise blockchain applications in the supply chain industries

Main purposes that make supply chain companies are approaching blockchain for their business.

  • End-users demand for transparency is rising while companies are more open to sharing data with partners and even competitors. The development of a solution that allows sharing data safely and effectively to create transparency is inevitable. Blockchain can help enterprises to gain transparency while ensuring the security and privacy of the business to protect sensitive data and enhancing trust between parties.
  • Supply chain companies understand that cutting off intermediaries in the whole process helps them much in controlling effectiveness and costs. By storing data on the digital environment with high security of the cryptographic algorithm, blockchain helps to cut down processing time and paperwork. For instance, according to Barclays bank, blockchain can shorten transaction times from 7–10 days to less than four hours, by eliminating intermediaries inherent in traditional systems.
  • Fraud and counterfeiting are also concerns for many supply chain companies. Because they disturb business activities, affect firms’ reputation and directly affect consumers. Because data on a blockchain database is immutable, blockchain can prove the accuracy and uniqueness of products.
  • As the global economy becomes flatter, cooperation between companies from different geographic regions is increasing. Storing on a distributed ledger system like blockchain allows parties to access in necessary data quickly and reliably from any location as permissioned.

Top enterprise blockchain applications in supply chain use cases:

Blockchain food traceability

Blockchain in the automotive industry

Blockchain pharmaceutical tracking

Conclusion

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The Permissioned Business Blockchain for Enterprises

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The Permissioned Business Blockchain for Enterprises

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