IBM, Microsoft, Alibaba and EY Deploy Blockchain to Bring Transparency in Supply Chain
Prominent global companies are in awe of Blockchain technology which has the potential to solve visibility issues persistent in supply chain for decades. Companies are considering Blockchain implementation to bring greater transparency in supply chain.
The much hyped Blockchain based CoCo framework by Microsoft and Intel,has been launched to support enterprises building their own Blockchain projects.
Alibaba, a Chinese ecommerce company, is also investing heavily into the Blockchain and announced an association with PwC in March to help solve China’s own food security problems. Additionally, it is also launching blockchain-enabled healthcare system, in Changzhou, China, to ensure an efficient healthcare procurement process.
An accountancy and consultancy firm, EY has also revealed a blockchain platform for its shared car owner scheme. Toyota has declared similar intentions, earlier in May this year.
Blockchain Technology experiencing unstoppable growth
Blockchain technology is gaining a fast momentum among corporates. More than the risk of being an early adopter, many companies now fear being left behind. This is why blockchain startups are able to manage huge funding to discover the potential of the technology. Firms with the intention of Blockchain implementation across industries get many partners. IBM has many participating companies like Kroger, McCormick and Company, Nestlé, Golden State Foods, Dole, Walmart, Unilever and Tyson Foods.
The consortium of companies intends to deploy the technology to bring transparency in the food sector by tracking food transactions across the world and using this information to quickly identify and eliminated any contaminated source of food.
Initially developed to track Bitcoin transactions, Blockchain Technology is an ingenious technology with the potential to track the supply chain.
All transactions are public so hacking into the system and corrupting the data is nearly impossible. As the data remains decentralized, there is no direct target for malicious attacks. With this attribute, the technology has managed to impress formal environments like banking and corporate operations.
Many corporations are looking to use the transparency of blockchain to track goods throughout the value chain.
Corporations have embraced the technology with rapidity, which reflects long-standing industry problems. Companies have operated without the basic knowledge regarding their supplies as the tech space was not able to present any solution. As the supply chains have crossed international boundaries, the supply chain visibility problems have grown more acute.
Blockchain technology has stepped in to fit the gap and provide complex supply chains with the required degree of transparency. Companies are applying creative technological solutions to persistent problems in supply chains. While it may be too soon to judge the success of these blockchain based initiatives, but the future seems really exciting for the supply chain technologies.
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