“Blockchain seeks to secure the digital thread of a company’s supply chain to create transparency and traceability between brands and their suppliers.”
Over the course of the last decades there has been tech innovations come and go like big data, cloud, AR/VR to name a few. Blockchain is the new tech innovation that seems to make inroads in every front, promising new ways of working and doing business. Blockchain has prominently been associated with fintech and cryptocurrency, whereas it has a great use in supply chain transparency and traceability for companies. The consumers are demanding more variety in products making it difficult for companies to track the customized product from sourcing, to manufacture and then to delivery in this globalized economy. Blockchain seeks to secure the digital thread created by companies through their supply chain to create transparency and traceability between brands, and their suppliers. Business leaders ought to delve into the existing communication networks with its suppliers and try to successfully deploy blockchain to bring about efficiency.
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