In recent times, supply chains have encountered various disruptions such as climate crises, geopolitical tensions, and economic uncertainties, which can be tackled with solutions that are built on the scalable and secure BSV blockchain.
Businesses equipped with comprehensive visibility into each facet of their supply chain can utilise this information to make more strategic decisions amidst disruptions. Such insights present opportunities to develop flexible manufacturing processes, which can facilitate the customisation of products on a large scale, offering tailored services to end-users.
Advancements in technologies like the Metaverse, Web3, and blockchain are driving initiatives towards sustainable supply chains. For instance, the BSV blockchain enables the documentation of every transaction or movement of goods on an immutable and transparent ledger. This ensures that all participants in the supply chain can track the origin and journey of products, ensuring visibility throughout the entire supply chain lifecycle.
The challenges of supply-chain management
Supply Chain Management (SCM) systems are widely utilised by firms engaged in sourcing and logistics. However, they face significant limitations, notably in achieving real-time global traceability. Existing traceability systems are characterised by being siloed, centralised, and expensive. Moreover, the reliability of the information they provide cannot be guaranteed, leading to tangible challenges, especially in complex supply scenarios.
The exchange of information between companies at different stages of the supply chain relies heavily on outdated technologies like Edifact and EDI. This results in minimal data sharing among companies and the majority of data being transmitted in an insecure or unencrypted manner.
Diverse internal systems employed by different companies create inaccessible information silos, leading to inefficiencies throughout the supply chain process. Due to the lack of incentives or secure infrastructure for data sharing, many companies opt not to share information, resulting in the underutilisation of assets such as vehicles, ships, production facilities, and personnel due to insufficient information.
Moreover, companies typically have access to only one tier up and down from their current position in the supply chain, limiting planning capabilities over a longer timeframe. Consequently, companies are compelled to build buffers and react to market developments, further exacerbating inefficiencies.
Under the current systems, cross-company automation is lacking, and inefficient customer feedback mechanisms contribute to the complexities of supply chain structures. Additionally, the absence of efficient payment technologies and trust mechanisms for provenance underscores the potential for technology to enhance existing supply chain frameworks.
The BSV blockchain is the perfect fit
The BSV blockchain is the only chain with the capacity at scale to meet the needs of the sector, as well as offering a full complement of technical tools for automating and streamlining processes in supply chains.
The public blockchain enables secure data storage in a distributed ledger, providing a guaranteed record of truth anyone can access. With a blockchain supply chain solution, data is controlled by its creator rather than a central ledger and therefore can be more easily and securely shared, stored and managed within the BSV environment.
Because data is written on the blockchain, it is a record of truth that can be shared across other companies, with 100% trust in the source. Especially when this process is automated with the help of smart contracts, data available from the blockchain becomes much more trustworthy and reliable than the current information available to parties up and down supply chains.
There is also now the ability to monetise the process of data exchange through microtransactions, as well as automatically processing transaction data onto the ledger. The result paves the way for more developed technological solutions to replace the supply chain management systems currently in use throughout the world.
Records are time-stamped as they are written to the immutable ledger, with real-time access to data for tracing origins and provenance.
