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by Jim Holland
A technology with huge promises is blockchain. Surprised? Do not be – there is much more in the blockchain of the world of cryptocurrency and finance.
Blockchain has the ability to better transform supply chain discipline and the companies that rely on it. It has many other applications besides Bitcoin.
Imagine a simple head of lettuce on a shelf in the supermarket. What farm did you grow up in? What methods have been used in growth? How far did you get to the store? When a company distributes blockchain, consumers can trace the lettuce from the time it was sown to the time it reaches the store shelves.
Whether it's a head of lettuce grown on a farm or a server farm, everyone wants to know where their purchases come from. Blockchain will add visibility and trust to the supply chain – benefits that will help everyone.
How blockchain technology benefits supply chains
If a company wants to create value for the customer, the supply chain is to provide that value to the customer in the most efficient and effective way.
The blockchain technology strengthens the supply chain thanks to hardcoding that rely on security, bring reliability with better management of resources and optimize manual work, saving hours of work spent reconciling accounts and settling disputes.
Blockchain security blanket
People want to know where their servers were built, figure out what components are on those servers and how these components were produced. What Blockchain does, however, is to wrap the information in a security blanket so that no one can hack it, modify it or destroy it. If a customer wants to check it after 20 years, the integrity of the information will be correct.
Optimization of manual work and efficiency
How much does manual labor cost all paperwork in supply chain operations? If you're talking about bigger deals, the documents will cost you hundreds of thousands of rands in the year. Millions of Rand can be saved by eliminating useless documents using blockchain.
There is also the perennial problem of reconciling credits and debts. The amount of time, human intelligence and intervention that resolve disputes are considerable. With blockchain, you minimize the work and the time that is wasted on these today.
These improvements that blockchain technology will bring to business operations will result in huge cost savings and a positive impact on the customer experience.
- Jim Holland is a Country Manager at the Lenovo Data Center Group Southern Africa
