Case Studies Related to Blockchain in Supply Chain
1. Walmart and IBM’s Food Traceability Initiative
This blockchain application project was Walmart’s collaboration with IBM to design a transparent food system that can trace its supply chain. The system is referred to as the Food Trust platform allowing Walmart to track the food products right from the farm up to the store in real-time. With a blockchain implementation at Walmart, one can embrace the fast identification of the source of contaminated food products within a recall period that could have earlier taken weeks, now takes only seconds.
2. Maersk’s TradeLens Platform
Maersk an international Danish logistic company being the largest container shipping company partnered with IBM to design TradeLens, an immersive blockchain system for trading. Through the adoption of TradeLens, the process of documentation and information sharing of cross-border shipments is made easier. Therefore, with full coverage of supply-chain activities, this platform lowers the number of inconsistencies in the forms needed for global commerce.
3. Provenance’s Transparency Platform for Tuna Fisheries
A British start-up using the creativity of the blockchain to enhance the transparency of tuna fish from the ocean right to the dining table used the field. A code is used on cable packaging that customers can use to determine where the tuna was sourced, how it was dealt with, and the effect it has on the environment. Provenance self-serve marketing platform creates brand awareness and consumer trust in the seafood supply chain and encourages the right sourcing standards.
4. De Beers’ Tracr Platform for Diamond Authentication
Lost in the hardest times, De Beers, one of the world’s largest diamond mining companies, introduced Tracr to increase transparency in the diamond sector. Tracr builds a distributed database of a diamond’s transaction history whereby important parameters such as carat weight, cut, clarity, and geographical location can be easily traced. In this case, by enabling certification of diamonds and their other essential characteristics and compliance with acceptable standards, Tracr facilitates consumer trust in the diamond market.
Blockchain for Supply Chains
Blockchain has become identified as one of the major disruptive technologies that hold great potential in the supply chain area. Historically, supply chain management has always faced several challenges such as; opacity, and weak supply chain controls to mention but a few. Blockchain, which is a distributed digital record system that is secured through cryptography, is well-equipped to handle many of these issues. Given that blockchain preserves information and transactions in an easily accessible and immutable form, this technology can strengthen trust with various parties, facilitate processing, and improve the supply chain.
Table of Content
- Current Supply Chain Scenario
- How can Blockchain Help in Improving the Current Scenario?
- Potential Benefits of Using Blockchain in Supply Chain
- Key Challenges for Using Blockchain in Supply Chain
- Case Studies Related to Blockchain in Supply Chain
- Conclusion
- FAQs