{"id":366,"date":"2025-01-17T13:27:43","date_gmt":"2025-01-17T18:27:43","guid":{"rendered":"https:\/\/supplychainai.ai\/?p=366"},"modified":"2025-01-17T13:27:59","modified_gmt":"2025-01-17T18:27:59","slug":"blockchain-and-supply-chain","status":"publish","type":"post","link":"https:\/\/supplychainai.ai\/?p=366","title":{"rendered":"Blockchain and Supply Chain"},"content":{"rendered":"<p>Blockchain is one of the advanced technologies with great potential to have an actual influence on the supply chain industry efficiency. And there are already some industrial applications in the real world, for example, Walmart established a corporation with IBM to build a Blockchain ledger to track the movement of pork for its Chinese supply chain in 2016.<br \/>\nTo learn about how blockchain technology could help the supply chain industry, we shall know about what are the features of blockchain.<\/p>\n<ul class=\"wp-block-list\">\n<li>Shared Ledger \u2013 decentralized &amp; immutable<\/li>\n<li>Smart Contract \u2013 faster settlement<\/li>\n<li>Enhanced security \u2013 permissioned and encrypted<\/li>\n<li>Consensus \u2013 the algorithm embedded<\/li>\n<\/ul>\n<p>So the main two benefits that blockchain brings to Supply Chain, or the\u00a0<strong>Information flow<\/strong>\u00a0and<strong>\u00a0cash flow<\/strong>\u00a0specifically, are\u00a0<strong>Security<\/strong>\u00a0and\u00a0<strong>Efficiency<\/strong>.<\/p>\n<p>First, with blockchain technology, the information flow becomes easier to trace back. This feature is significant in the food and medicine industry. The traceability replaces the traditional tracing activities that by emails and point-to-point communications with shared transparent real-time records (shared ledger).<\/p>\n<p>Second, the smart contract features help to increase the efficiency in contract settlement and financing. There\u2019s more potential beyond the current INCO term and payment term (e.g. open account).<\/p>\n<p>Third, the supply chain information flow becomes safer and could be protected from hacker attacks. In 2021, one of the top forwarders \u2013 Expeditors\u2019 servers was down for weeks due to an Internet attack.<\/p>\n<p>If you\u2019d like to learn more about blockchain, below are some recommended resources:<\/p>\n<ol class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.ibm.com\/blockchain\" target=\"_blank\" rel=\"noopener\">What is Blockchain Technology? (IBM)<\/a><\/li>\n<li>Blockchain for Dummies (download from above page)<\/li>\n<li><a href=\"https:\/\/www.coursera.org\/search?query=blockchain&amp;\" target=\"_blank\" rel=\"noopener\">Blockchain online courses (e.g. Coursera)<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is one of the advanced technologies with great potential to have an actual influence on the supply chain industry efficiency.<\/p>\n","protected":false},"author":1,"featured_media":367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,8],"tags":[],"class_list":["post-366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge","category-supply-chain-digitalization"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain and Supply Chain - Supply Chain AI.AI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/supplychainai.ai\/?p=366\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain and Supply Chain - 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