Integrating Blockchain With Supply Chain and Internet of Things for Enhanced Performance

Modern supply chains have become cumbersome in the sense that they operate in multiple geographies of the world in multiple time zones and involve multiple manufacturers, vendors, suppliers, bankers, and lawyers, all of which add to extra cost and delay. Service providers and clients need to interact via third parties such as banks to build up trust, which makes the transactions lengthy and slow.
With its self-executing supply chain contracts and innovative features of provenance, consensus, and immutability, supply chain blockchain can help in improving the efficiency of modern blockchains and their management.

Keeping multiple copies of truth
Unlike a bank which is highly centralized, blockchain is a decentralized ledger consisting of a network of nodes that keep an updated copy of the ledger or every transaction occurring in the network. That way, there are multiple copies of ‘truth’ in the nodes of a blockchain, and any attempt to falsify the information would mean falsifying all the copies of the transaction in all nodes of the network at the same time, which is highly improbable to attempt given the efforts involved, besides it will be financially prohibitive as well. That way, a supply chain blockchain solution solves the problem of trust and keeps an immutable record of truthful transactions for all network participants.  
Smart contracts for automated self-execution
However, utility of blockchain in supply chain extends far beyond than keeping the records of payments. Smart contracts do not require third party go-betweens for their execution, making manual checking redundant that slows the speed of supply chain. A smart contract triggers events based on the fulfillment of certain conditions, and may impose automatic penalties for delays and counterfeit products that makes them so useful for blockchain world. They run and execute supply chain processes based on the information guaranteed by the immutability of blockchain, which saves time, effort and money for the supply chain participants.
Industries are up for blockchain
Blockchain has taken many industrial supply chains by storm and more and more businesses in food, manufacturing, retail, automotive and other industrial segments are embracing the technology to increase their output and ROI.
World’s leading retailer Walmart is using blockchain to trace the meat that comes from China. It lets the company wherefrom each piece of meat has come from and also about its storage and transportation journey. In the event of product recall, the company can trace individual meat pieces to the individual suppliers.
Affordable solution for blockchain implementation by SMBs
The cost of blockchain implementation has been the key factor why SMBs have not been able to embrace the technology so far. It’s here that the role of supply chain blockchain consultants becomes all the more important, as it’s they who could help them navigate the uncharted waters with confidence, and get the technology work for them at affordable price.
Group50 is a leading supply chain blockchain consulting firm that helps small and medium enterprises in their blockchain implementation initiatives with its expertise in the domain. Their blockchain consultants have come up with Scioebc blockchain supply chain that integrates IoE with supply chain blockchain in a plug and play solution. The consultancy serves a broad range of clients in manufacturing, automotive, aerospace, retail, big data, telecom etc. They have guided leading companies such as Verizon, IBM, Black & Decker and Citigroup with their affordable supply chain blockchain consulting to perform at higher levels.

Contact Group50 for permission blockchain integration for your business processes. Their consultants can devise a specific blockchain solution to meet your specific supply chain needs at affordable costs. 

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