As we have been warning, supply chains are notoriously difficult and complex to keep track of, particularly as an organisation grows, and getting a supply chain wrong can have serious consequences, such as litigation risk or regulatory penalties for using child labour for example. However, blockchain and the Internet of Things could significantly improve the procedure. The first step is to identify where your products come from. If you add to this always-on traceability using Internet of Things and have every item in your supply china as part of blockchain, you will have a transparent, robust, and virtually bullet-proof supply chain says Tom Raftery in Enterprise Irregulars.
As we have been warning, supply chains are notoriously difficult and complex to keep track of, particularly as an organisation grows, and getting a supply chain wrong can have serious consequences, such as litigation risk or regulatory penalties for using child labour for example. However, blockchain and the Internet of Things could significantly improve the procedure. Blockchain is generally a cryptographically secure record of transactions, and has recently been used to set up and enforce smart contracts such as managing billing processes. If you add to this always-on traceability using Internet of Things and have every item in your supply china as part of blockchain, you will have a transparent, robust, and virtually bullet-proof supply chain says Tom Raftery in Enterprise Irregulars.