The blockchain has been used in many different ways in the last few years, but could it now be used to solve the supply chain issues that can cause havoc in the global markets? A recent look at the subject in an environmental journal has shone a light on it and suggests that this could be an interesting solution.
What Does the Study Say?
This piece of academic research was carried out by Lewis A. Njualem from California State University and was published in the Sustainability journal. With supply chains present in every type of industry across an increasingly globalized world, this is an example of how the blockchain could potentially do more than power the cryptocurrencies it’s best known for.
Distributed ledger technology could provide a decentralized, highly secure way to store the data needed, with information stored in blocks that make up a chain of data that can’t be altered or tampered with. This provides a reliable and trustworthy flow of data that ensures everyone involved in the process sees exactly what has happened so far.
Njualem pointed out that the blockchain appears to offer a better chance of helping meet the demands of supply chain management than other cutting-edge technology like the internet of things or radio-frequency identification. The decentralization and immutability of the blockchain are given as the main reasons for this opinion.
Some work has already been done on the use of the blockchain in the supply chain, with retail giant Walmart working with IBM to find a way to use it to guarantee food safety across their entire supply chain. The IBM website also contains a number of case studies showing those situations where their solutions have helped solve supply chain issues.
This look at the key factors involved in moving the supply chain to the blockchain points out that increased security and visibility are among the key benefits, which can help lead to more sustainable and ethical sourcing. Naturally, the chance to save money and become more efficient is also an important benefit for any company thinking of making this move towards new technology.
However, there are a limited number of studies to show us how it might work in real life. In addition, question marks remain over the question of scalability, as well as how this could be regulated in the case of products that move from one country to another.
Other Ways Technology Has Helped in Different Industries
This is a good example of how technology can be used to solve problems and create new processes that simply weren’t possible before. Another recent case involves Airbnb, as the rental platform has found a way to help its users avoid renting out their properties to groups planning on holding parties.
While the process doesn’t appear to be foolproof, Airbnb chiefs seem happy that their anti-party technology can be helpful in allowing them to enforce their party ban. It will be rolled out across North America, with the algorithms looking at factors such as how long the booking is for, whether it’s for a weekend and previous reviews received, with the aim of identifying high-risk bookings.
The latest technology has also been used on the best online casino sites, like those listed in comparison platforms. They use encryption technology to keep users’ data safe, while independent checks are carried out to ensure that the games are fair and completely random. These sites also accept various reputable banking methods that allow players to move money back and forward securely.
With companies and governments all over the planet pumping huge sums of money into technology, this is something that we can expect to see enhance many diverse industries in different ways. For the next example, the latest innovations in health include better data management and interactive video consultations that provide personalized solutions.
Banking is one of the industries that has most benefited from emerging technology. For example, big data and artificial intelligence have been used to look for fraudulent activity, as well as to help customers automate their savings activity using mobile apps.
The way that technology has been used to enhance processes in several industries is possibly a sign of how the blockchain can be used to improve supply chain issues in the future.