Supply chain is the sequence of processes involved in the production and distribution of a commodity. It is a complex which involves number of people, organizations, entities, information and resources. Tracking, reconciling and verifying this torrent of inventory, purchases, invoices, bills of lading, shipments and receipts is a cumbersome process. Hence a bonafide technology is in need to sustain the supply chain.
Blockchain and Supply Chain is a dynamic Duo. Blockchain will provide a secure way to create formal registration of goods, commodities and information on a decentralized distributed ledger. Once the data is recorded on the blockchain network, it becomes immutable so it can’t be forged. Keeping everything secure in the network yet easily accessible for information with authority. Blockchain makes the supply chain transparent, efficient and easy.
Due to market expansion, stricter quality and regulatory standards enterprises are getting overwhelmed with huge amount of data coming from different suppliers and consumers from different geographical areas. This includes data from every stage of supply chain such as pricing of direct and indirect materials, labor agreements, rental contracts, tax documents, freight bills, and compliance certificates, among many others. Raw information coming from suppliers, partners, and even customers are also often composed of both structured and unstructured data which makes it even more difficult for enterprises to consume, analyze, and generate insights from these disjointed pieces of information
Traceability through all stages of supply chain is now more of a demand rather than a request among many customers. Many consumers now want to know where all products and their ingredients, even the trace ones, come from. Lack of traceability causes blindspots in supply chain and exposure to unnecessary risk.
Infrequent large orders vs. frequent small orders. Large orders will increase the amount of inventory on hand, which is costly, but may benefit from volume discounts. Frequent orders are costly to process, and the resulting small inventory levels may increase the probability of stockouts, leading to loss of customers.
The threat of a supply chain attack poses a significant risk to modern day organizations and attacks are not solely limited to the information technology sector; supply chain attacks affect the oil industry, large retailers, the pharmaceutical sector and virtually any industry with a complex supply network. The Information Security Forum explains that the risk derived from supply chain attacks is due to information sharing with suppliers, it states that "sharing information with suppliers is essential for the supply chain to function, yet it also creates risk.
Blockchain has become the hallmark for ‘trust economy’. Effectively it is a lifesaver for supply chain. The blockchain technology offers a decentralized way to digitally record moments which is secure, transparent, robust and efficient. Supply chain and Blockchain is a dynamic duo, the picture would be complete with infusion of IoT. With the help of Blockchain and IoT, we can solve major issues faced in Supply chain. With the help of Iot we have connected physical world entities to the digital world. IoT sensors are capable of recording speed, temperature, humidity, and all other physical parameters and then convey them efficiently over the network so that analytics can be drawn out of the same.
Initiation triggers source of information through attached sensors. The raw information gathered from the sensors is transmitted over the network to the IoT hub where integration and consolidation of data take place. In the analysis section, risk prediction and management are done. According to the insights derived, human/machine behavior is triggered.
Equal and 100% information should be available and visible to every stakeholder.
The solution should empower the stakeholders to take rapid actions to quickly changing environments.
There would be enhanced trust not between various stakeholders but upon the system upon which they’d be commonly operating.
It improves transparency by giving corporations who are using Blockchain the ability to see the data they are housing. This is possible due to appending the data on the immutable distributed ledger.
Blockchain will provide the supply chain network scalability. Relying on central server to store data means that the data sharing capacity is limited, however when the data is stored on Blockchain, data availability and access and allocation becomes easier.
Smart contracts reduce complexity in a supply chain through automated verification and execution of the multiple business transactions involved. A decentralized, immutable record also ensures all stakeholders have equal access to information and helps build trust which improves transparency, traceability and efficiency.
Information on Blockchain is cryptographically stored in blocks which is immutable i.e once something is added in the block it can not be modified without tampering with the previously added information. Hence, employing blockchain in supply chain will secure the important information like sales, monetary affairs, shipments etc.
Blockchain offers faster transactions as compared to the traditional system, making settlements easy and fast due to smart contracts hence making monetary transactions between retailer and customer becomes faster and easier.
Developed solution for http://winesty.com for Wine supply chain .
Developed a in house project for track and trace of pharmaceuticals
Worked with Tata Group and Indian Government for track and trace of shrimp.
Hyperledger Fabric , Hyperledger Sawtooth , Hyperledger Grid & Ethereum
Go (chaincode) , Solidity & ERC721 (NFT)
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