Analyzing Blockchain Use Cases in Supply Chain
Based on popular public sentiments, Blockchain technology can certainly be considered as a highly resourceful tool for transforming diverse business processes. Be it adding something to the long list of financial services or implementing Track and Trace technologies for the Pharmaceutical industry, Blockchain plays a pivotal role when it comes to streamlining different supply chain requirements. Therefore, it is only appropriate to look at the Blockchain use cases in supply chain for gaining necessary insights into the problem-solving process.
Understanding the Process of Seafood Verification
Mislabeled seafood can be a major constraint, especially when the proliferating health issues are considered. The seafood supply chain industry with Blockchain on-board allows companies to track the entire pathway of the consumables, straight from the habitat to the market. The most recent use cases include the Pacific Tuna Project and the Sawtooth Plan with the later making use of the PoET algorithm for tracking the seafood.
Blockchain for Food Safety
Food safety issues are existent and only Blockchain solution for supply chain can help mitigate these anomalies. Be it cases pertaining to foodborne illness or cross-contamination, lack of traceability and data governance are the reasons why food safety is often neglected by the authorities. With Blockchain solutions on-board, it becomes easier for the companies to identify the exact source of illness or contamination; thereby minimizing food wastage and loss in revenue. Once the contaminated entities are detected, they can be quickly removed from the shelves. Blockchain, therefore, brings a lot of transparency into the scheme of things, especially when the food supply chain is concerned.
How Blockchain in Pharma Supply Chain Works?
There are precisely two use cases showcasing the involvement of Blockchain technology with the pharmaceutical supply chain. The first one involves keeping the drugs in a relatively colder environment, even during the transit. The second use case aims at eliminating fraudulency and product counterfeiting. As Blockchain in immune to duplication and other loopholes, it is certainly a great addition to the pharma supply chain.
Looking at the Automotive Industry
The automotive supply chain industry basically functions according to three Blockchain-specific use cases. Inclusion of RFID and other digital tags for communicating with the carriers is one aspect that’s gaining a lot of visibility. In addition to that, this decentralized technology also kills off product counterfeiting as companies can continually trace the exact parts in real-time, especially when they are being moved. Apart from that, product recalls are also easier with Blockchain at the helm. In case a supplier discovers faults in certain parts, triggering smart contracts is possible and you should be thankful to the decentralized system as essential bits of information can be added to the original data without making alterations.
Sofocle and other organizations have emphasized on supply chain-specific product creation by deploying Blockchain solutions. The likes of sofoChain help companies track their supply chain hierarchies without having to worry about provenance and traceability. These solutions cater to the luxury goods, pharmaceutical industry, food and beverage industry, and a host of other businesses. Therefore, it becomes easier for the companies to keep a close eye on their products in this keenly contested arena; precisely by eliminating product duplication and other malpractices.