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HCL Technologies

Bringing transparency to supply chain with blockchain

Bringing transparency to supply chain with blockchain

Changing something basic can sometimes have an impact on how other things are done. Introducing the blockchain for record keeping is one such move. It has the potential to transform supply chain management. The blockchain, a shared ledger that is resistant to modifications, allows multiple companies to participate in record keeping. Blockchain technology makes it easier to answer questions on the authenticity of products, shipping documents, current location of the shipments, and whether the manufacturing involves child labor. The implementation of the blockchain can also lead to speedy dispute resolution and just-in-time payments. The blockchain has the potential to change not only how you do business, but also the way your partner companies do business.

Organizations can start with a pilot project involving only a few of the direct upstream and downstream business partners. Once the pilot project is successful, more partners can be added 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.