By: R. Domingo
Due to the decentralized nature and anonymity, blockchain based solutions are generating considerable attention. The conventional supply chain finds various difficulties due to new-age communication networks. When paired with cutting-edge technologies (i.e. the Internet of Things, artificial intelligence, and machine learning), blockchain has potential to address the difficulties that conventional systems face across the industries.
A blockchain-based Internet of Things system provides a number of advantages, including the ability to link supply chain activities and thereby improve information management efficiency. The immutability property of blockchain enables stakeholders to identify items throughout supply chain networks, potentially reducing code of conduct violations. Despite the numerous benefits offered by blockchain-based systems, a little adoption of blockchain has occurred in present supply chain management and global information management due to a lack of understanding about the benefits of blockchain systems and also a lack of understanding about why these systems are required in specific sectors. Fundamental questions, such as how blockchain might improve global information management, seem to be the major obstacle. Additionally, it is envisaged that the usage of blockchain-based technologies should be adjusted to the needs of global information management systems and interconnected networks.