Next-generation blockchain can help address supply chain coordination issues

The global supply chain has always been a sensitive and convoluted system. Many supply chain leaders consider technology a source of competitive advantage, with emerging technologies as a means to address digital transformation. Blockchain technology enhances supply chain management through process tracking, regulatory compliance, and reporting.  Next-generation blockchains that combine blockchain and cloud technology are one solution that can help address supply chain coordination issues. Blockchain provides consensus, which means there is no dispute in the chain regarding transactions by design.

Next-generation blockchains:

Modern supply chain IT solutions already need to support sustainability and visibility. Many firms are rethinking their global supply chain strategies, shifting away from a focus on low-cost suppliers and lean inventory to a model that makes stability and resiliency a priority. Without this visibility, companies will not be able to understand actual and potential disruptions as well as opportunities to prevent or mitigate interruptions.

Supply Chain Management is becoming one of the most critical areas for businesses to thrive. Today's multi-level supply chains demand technology solutions that provide all parties with improved visibility into where, when, and how items are flowing, and how the end-to-end mechanics of the supply chain fit together. Supply chains underpin the macroeconomy and global markets. Global supply chains support everything from consumer packaged goods to product recalls.

Next-generation blockchains and distributed ledgers offer out-of-the-box solutions for data privacy, making it easy for data producers to decide who can view or update their data. The use of next-generation blockchains, which mix blockchain technology with cloud technology or traditional databases, is one approach that can assist address challenges with supply chain coordination. And next-gen blockchains are energy- and cost-conscious, avoiding the ecological impact of proof-of-work systems and benefiting from multi-tenanted cloud architectures.