Why Blockchain for Supply Chain?
Blockchain technology in supply chain scenarios presents unprecedented opportunities for stability and automation. Using blockchain, supply chain partners can forge direct financial and information-based relationships that maximize documentation as well as pace and ease of doing business.
When supply chain allies are connected directly through the blockchain, they can place, fulfill, ship, track, and pay for orders in real time, with best-yet data gathering capabilities to support efficiency and maintain a focus on strong, consistent, mutually-beneficial partnerships.
When businesses use blockchain, each part, order, or component is fully traceable and can be located at any point in the supply chain at any time. That means there’s complete transparency in terms of warehouse supplies, and it’s easier than ever to anticipate when it’s time to reorder or establish an automated repeating order powered by blockchain.
Furthermore, blockchain empowers supply chain partners to work confidently knowing that outside factors like holidays and processing times will never impact their ability to get work done, fulfill orders, or make on-time payments. In this way, blockchain is like the ultimate insurance policy for the supply chain itself.
Implementing Blockchain in Supply Chain
For the vast majority of businesses, the challenges of blockchain implementation are what’s kept them from jumping into the space already. It’s easy to do a little reading and understand what blockchain means and imagine the possibilities, but it’s another thing to articulate a scalable adoption plan that’s ambitious enough to be impactful but safe enough to be exploratory.
Given that blockchain technology is still far from ubiquitous, the best way for innovative businesses to wade into the new era is by selecting a key strategic partner within the supply chain to pilot a blockchain-powered relationship with. By rolling out blockchain with a trusted ally, businesses can explore the full power and possibilities of blockchain in an environment that feels safe and builds knowledge and experience for everybody.
With blockchain connections in place, partners can innovate new ways of simplifying and streamlining their supply chain relationships that aren’t possible without the direct connection of blockchain. Shipping, receiving, and payment portals can be completed with single taps, real-time updates provide best-yet operational oversight, and the entire supply chain narrative can be accessed from any mobile device.
Sofbang Blockchain Solutions
Sofbang specializes in bespoke blockchain for supply chain solutions that allow businesses to ease into blockchain adoption in a richly supported, scalable way. Through consultation and education, Sofbang provides each client with the knowledge, skills, and work habits they need to reimagine their business in a blockchain-supported manner.
Once that education process is complete, we work to identify a blockchain pilot opportunity with one of a business’ closest, most important supply chain partners. We create all the architecture needed to forge a direct blockchain connection between the two partners and build easy-to-use software that significantly reduces the blockchain adoption curve for everyone involved.
Our blockchain acceleration programs are designed to help organizations hit the ground running while also building an internal blockchain case study on supply chain results that can be used to inform future plans to scale up. If you’re interested in exploring the possibilities of Blockchain, contact Sofbang today!