When it comes to increasing productivity and profitability, even the most basic applications of blockchain technology can drive change in an industry.
The potential impact of blockchain in procurement and supply chain management is inextricably linked to a company’s bottom line. With new use cases, organizations are realizing blockchain’s untapped potential to tackle efficiency, information sharing and traceability.
With smart contracts, essentially pieces of code that sit within an individual block on a blockchain and automated action can smooth out bottlenecks and delays. Blockchain allows organizations to create tamper-proof conditions that automatically implement terms of multi-party agreements.
According to a Business Insider report, Coke One North America (CONA), the IT company that helms Coca-Cola’s bottle manufacturing supply chain processes, partnered with a German software provider whose blockchain-enabled system enabled Coca-Cola to fulfill orders without revealing proprietary information about their clients and order volumes.
As regulatory issues become quite a challenge for smart contracts, increased automation can also change a company’s internal processes and policies. In most cases, information flow is critical, so this is where blockchain solutions can make it easier for the right people to access mission critical data as well.
For example, the pharmaceutical industry is expected to hit US$1.5 trillion in 2023, and with greater transparency from blockchain technology, the industry will have better weapons to grapple with issues of counterfeiting, return fraud and other challenges that abound from siloed data and regulatory requirements.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
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