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What changes can the blockchain bring to the supply chain?

Author:Hubi Date:2018-07-25 14:29:11

The emergence of blockchains has added lubricants to the supply chain, providing solutions to data silos and improving the sharing and liquidity of supply chain data.

Blockchain technology has the characteristics that data can't be falsified. It uses timestamp to prove the existence status of data, ensuring that data is transparent and traceable between parties to the transaction. At the same time, the special privacy protection mechanism of blockchain is completely eradicated. Obstacles in information sharing in all aspects of the supply chain.

The blockchain reshapes the credit system of the supply chain, increases trust in all aspects of transactions, and reduces transaction costs, thus solving the credit risk problem in supply chain financing. Moreover, the blockchain ensures the authenticity of asset trade. The blockchain network displays the complete supply chain in a comprehensive and transparent manner, and displays each node and each asset of the network in a digital form on the network.

Therefore, the transactions of any node on the blockchain will be recognized by the whole network, and the logistics information can also be reflected in the network through the change of the geographical location information of the product, thus ensuring the security of the data and cannot be tampered with.

All companies in the supply chain, especially financial services companies. This not only substantially reduces its own risks, but also reduces the threshold and difficulty for supply chain enterprises to obtain services, reduces the cost of enterprises, and truly promotes the healthy development of the supply chain.