Blockchain SupplyChain-Blockchain and its future derivatives will introduce a new standard and infrastructure to manage the new strategic resource: data. Today big, powerful companies like Amazon, Facebook and Google benefit disproportionately from data because there has been no practical way to share data’s value without compromising privacy and security. Blockchain fundamentally changes this game. Its ability to provide regulated transparency while protecting data’s intrinsic security, veracity and above all, value, democratises data and allows its future regulation as a strategic resource. In supply chain, blockchain significantly increases the utility and value of data, especially in complex, highly regulated industries that need to share data throughout complex stakeholder networks without compromising security. The ability for more planning stakeholders in the extended supply chain to view and access more complete high quality data makes optimised supply chain planning easier and faster.
Here’s a closer look at some of my predictions for “sweet spots” where blockchain will be applied for the greatest benefit to businesses and consumers:
1. Tracking provenance to meet regulatory compliance – By serving as a public ledger system that certifies the data in a supply chain’s production log, blockchain provides the required visibility needed to track raw material provenance. This is essential in complex, global industries like food, medicine and consumer goods, where the provenance of raw materials and ingredients are highly regulated and notoriously difficult and expensive to manage.
2. Improving public health, safety and services – Blockchain provides a way to democratise data in order to improve public health, safety and happiness. Today data’s value disproportionately benefits large organizations like Amazon, Facebook and Google. With Blockchain, powerful organizations like these will no longer be able to successfully argue with regulators that they can’t share data with health organisations, public service providers and even citizens for fear of compromising privacy and security.