Bringing transparency to supply chain with blockchain | HCL Whitepaper

Bringing transparency to supply chain with blockchain

Changing something basic can sometimes impact how we do other things. Introducing Blockchain for record-keeping is one such move. It has the potential to transform supply chain management. Blockchain, a shared ledger resistant to modifications, allows multiple companies to take part in record-keeping. Blockchain technology makes it easier to answer questions on the authenticity of products, shipping documents, the current location of the shipments, and whether the manufacturing involves child labor. Implementing the Blockchain can also lead to speedy dispute resolution and just-in-time payments. Blockchain has the potential to change how you do business and the way your partner companies do business.

Organizations can start with a pilot project involving only a few direct upstream and downstream business partners. Once the pilot project is successful, they can add more partners to the Blockchain to create an integrated value chain.

However, there could be a situation where competing blockchains are created. Forming a consortium with competitors is a way forward in this scenario. To learn more, read the detailed whitepaper.

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