If you want to ensure trust in the supply-chain of your products, blockchain can be at the center as a key enabler. Blockchain can help manufacturers circumvent the intermediaries that lie between their brand and their customers, giving them more control over presentation and pricing.
The blockchain is not just a repository of data, it can be used to drive valuable analysis, It can tell you not to take delivery of this particular consignment of fresh produce or take it at a discount and sell it quickly because based on the chain of custody information in the blockchain, it shows it was sitting in the dock beyond its freshness window.
The implications for reducing the frequency and cost of recalls is obvious. Being able to quickly identify the source of a damaged component of your product, might in turn enable consumers to find out if their purchases were among a bad batch. As supply chains are currently configured, it can take a week or more to track the source in a supply chain that has been affected by a fault.
Blockchain offers an opportunity to change the way you run your supply chain, to achieve efficiencies and savings.
Blockchain can connect many third parties in a secure, trusted way, making it easier to track items and interact with suppliers.
Use the detailed data blockchain provides, such as spoilage rates and location of products, to help drive business decisions.
Blockchain can help build trust between retailers and customers, offering evidence of provenance, as well as stopping counterfeits.
Form consortiums to build blockchains that are big enough in scale to be effective.