Enterprises are Embracing Blockchain — Supply Chain Management is on the Front Line
Looking at the various publications of this week, it is easy to see the increasing amount of enterprise blockchain initiatives that are moving on from the concept or POC phase onto final testing stages. If names such as IBM, Oracle, SAP, Walmart etc. are starting to realize the benefits of Blockchain, the revolution is indeed a successful one.
One might argue that there are better technological alternatives to blockchain for these enterprise organizations; for example, distributed databases, but the supply chain market is so fragmented and by essence, any shipment crosses at least 3 owners, that blockchain here indeed is the best thing that could happen to this market.
Want to look at the proof that is in the pudding? Here are some of these initiatives:
ABN AMRO, Samsung SDS Partner for Blockchain Trade Pilot
The pain is real and blockchain is the only alternative for a consortium of companies with no one fully owning the data. “Using a blockchain system, the partners ultimately intend to move away from the current paper documentation surrounding international container shipments, including payments and administration.”
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It’s not surprising that Oracle is leveraging their experience with enterprise applications in their initial forays. “This blockchain platform will give [customers] a platform to extend their services beyond their enterprise bundle, which means they can extend them outside to their business partners, advantage customers and so on.”
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From tracking supply chains to tracking food chains.
The inherent immutability of blockchain technologies lends itself to these applications.
“Based on its ability to provide enhanced visibility into the contracts and connections that make-up complex food supply chains, blockchain can help producers and retailers guarantee the originality and quality of produce; can help to combat fraud and illegality within the food chain; and can facilitate the tracking and recall of defective or contaminated goods.”
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Clearly, the industry has come to appreciate the value of, and how blockchain technologies can enable unfettered access to their operational data. “The way forward is decentralized as opposed to a supplier getting into a centralized database and putting data in there and the central authority owning the data. In this blockchain ecosystem, if you get into it and give data, it is your data, you own it.”
IBM blockchain solutions are already being leveraged by Walmart.
“Walmart announced that all suppliers of fresh, leafy greens will be required to install IBM enterprise blockchain and give its North American food supply chain end-to-end traceability. Given its leadership position as the biggest company in the Fortune 100, the new requirement is expected to be a game changer in the $1.5 trillion U.S. food industry.”
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Just for laughs:
The Onion answers common questions about blockchain technology.
Bonus: Bill & Blockhain’s Excellent Adventure
Co-written by Rebecca Aspler and Allan Konar
