Supply Chains must achieve a number of goals, including high levels of customer satisfaction, profitability standards, and disruption resilience. Companies are also starting to prepare their Supply Chains for a responsible future by ensuring that their production and transportation systems are safe and environmentally friendly, that raw materials are sourced responsibly, and that people are paid fairly. Until recently, the expense of attaining all of these objectives was prohibitively expensive, forcing businesses to make sacrifices.
However, the use of analytics in conjunction with the Internet of Things (IoT) and blockchain technologies is fast bringing these goals closer to reality. According to research, blockchain can significantly increase Supply Chains performance. However, to realise its full potential, new permissioned blockchains, data standards, and governance norms are required.
Such devices can, for example, track the creation of a packaged food product from ingredient sourcing to production, shipment, and retail, as well as inventory status and working conditions in manufacturing and logistics facilities. Organizations should store transaction data from IoT devices on a blockchain, which may store incredibly detailed decentralised data and be used to verify the authenticity of transaction records. This information can be used to assure sustainable sourcing, optimise Supply Chains contract execution, and obtain better financing.