Some of these are looking for current business cases that could be improved through the implementation of Blockchain. Looking into the supply chain, focusing on the food supply chain as an example, as traceability within the food supply chain is particularly critical. Within the food supply chain, the traceability of all the ingredients from the raw materials to the finished product on sale to the customers is important.
In today’s complex supply chain, there are many solutions for tracking the supply chains, but these are mainly only within certain parts of the supply chain and for certain supply chain parties.
Most supply chains work on one upstream and one downstream tracking ability. This means that I can tell you who I received my inputs of products from, and where I sent them to next. Understanding traceability in food is critical, and even more critical in the case of pharmaceuticals and any other regulated products. With these complex supply chains, there needs to be complete and full transparency of the ingredients added to all the medicines created and the environment they were kept in.
Blockchain technology has the ability to simplify this supply chain and allow regulators access to the data held across the entire chain. If you add to this the use of IoT devices such as QR and RFID integrations, you can track exactly what happens to the drugs and their current status. The benefits of improved traceability are clearly shown when there is a product recall. It would take an average large global retailer around five days to track an entire supply chain for an issue, and this can be changed to minutes through Blockchain integrations.