A shared, immutable ledger that makes recording transactions and tracking assets in a business network easier, blockchain is taking on a larger role in supply chain management these days. A vehicle for information in a fast, transparent manner, blockchain can be used to track orders, payments, accounts, production and other functions. Because members share a single view of the truth, everyone has access to the end-to-end transaction details.
Blockchain’s value proposition has increased over the last few years. “Operations often waste effort on duplicate record keeping and third-party validations. Record-keeping systems can be vulnerable to fraud and cyberattacks,” IBM points out. “Limited transparency can slow data verification. And with the arrival of the Internet of Things (IoT), transaction volumes have exploded. All of this slows business, drains the bottom line—and means we need a better way.”
