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Blockchain: Game Changer for Supply Chain Management In Logistics
FREMONT, CA: The increasing global complexity of supply chains management has forced organizations, which serve as the missing link between the people and their capacity for working together on a scales, to look at technology as their silver bullet. Blockchain is among the most hypothesized technological developments, which seems to one of the most critical aspects in the management of the supply chain–in particular, procurement and logistics–in the next several years. The decentralized/distributed leader infrastructure boosts transparency and traceability by creating equal opportunities for reliable data, accountability, and streamlined administration. This is why blockchain technology was seen in industries like retailing and logistics as the perfect match for business applications.
The procurement process drives the supply chain to a large extent. The transfer of any product or service through a supply chain starts with a procurement contract that initiates the bidding process through an RFI, the RFP, or any other formal request. The supply chain process begins when the procurement contract is completed, and the materials start their journey to the door of the company. All of this is done based on the contract of procurement. It creates the master framework for all to run according to the plan.
There are still no well-known, proven solutions, unlike Enterprise Resource Planning or other legacy technology platforms. However, this is common for emerging technologies such as blockchain. And several new platforms with immense potential are now on the market. SMC hybrid solution will always include this technology. This leads to integration needs and some complexity to ensure that everything goes smoothly. However, the advantages of having some SCM processes in the blockchain may be more complicated than any integration.
In technological terms, this supply chain industry is high-heavy and disruptive. ERP-dominated heavyweights such as SAP and Oracle are also inextricably linked to the supply chains. SAP is, by far, the leader in SCM solutions. Oracle is a distant second, and it is further, divided into dozens of other companies. Just like the supply chain, the blockchain industry is unripe compared to many and is still developing to cope with the industry and problems which require the unique advantages and architecture of blockchain. Will the right company come out at the right time with the right product? There's a chance to knock.