The traditional supply chain is outdated. Without integration, supply chains can isolate manufacturers and consumers, preventing an understanding of each other’s needs.
Blockchains help optimize supply chains. As discussed in a previous blog, blockchain infrastructure is based on shared value networks. These networks guarantee transparency, immutability, authenticity, ethics and security.
Blockchain Optimization with Real-time Decisions
Decisions based on real-time data are possible with supply chains on the blockchain. Blockchains openly share information to enhance decision making at all levels.
On the blockchain there is real-time synchronization of decisions with supply chain partners. With visibility into a supplier’s shipment, an organization can be proactive with in-the-moment decisions and prevent problems.
For example a supplier may only have a partial order. The organization can adapt by shifting inventory, completing the order with a different supplier, or adjusting pricing. Additionally, an organization can re-route a container to a different warehouse or even share a warehouse, truck or loading dock.
Real-time Decisions with Blockchain Permission Sets
Depending on desired access levels, blockchain information can be dynamically permissioned.
For example, one level of access could be for dockworkers. Typically the contents of a container are not shared with dockworkers. Dockworkers don’t need this information in order to do their job. However, you could choose to share this information as circumstances warrant.
Another access level could be for security authorities. In the case of a security concern, providing authorities with additional information avoids delays caused by opening containers for inspection.
Real-time Decisions with Customers in the Supply Chain Blockchain
Previously, we discussed how the customer has become part of the supply chain.
Customers can be included in the supply chain blockchain by extending the technology to frontend applications. Customers will be able to view their orders from production to supply in real-time and track the performance of the supply chain. This would improve the entire process, strengthen customer relationships and instill a sense of trust.
Customer feedback would also be in real-time and would improve the market forecast.
Overall, blockchain optimization requires massive collaboration but also produces many rewards. Its potential is achieved with participation across the ecosystem, including everyone from manufacturers to carriers to authorities to customers.