hello prof @gbenga , i am hapy performing your task this week again . today i will be talking about the imapct of blockchain in the supply chain industry .
Today in our society many companies cry over cybersecurity personnel’s because they want to prevent unauthorized access to their information’s.
Once a company’s manufacturing information is hacked it affect the supply chain which is a network between a company and its suppliers to produce and distribute a specific product to the final buyer., to solve this problems many companies and counsellors are asking supply chain industry to venture into blockchain system.
Blockchain is the latest type of technology that can reduce cybersecurity risk related to supply chain .With this new emerging technology industries transactions and their history information can be auditable, unchangeable, and immutable.
Blockchain as we all know is a ledger that track transaction among parties, it has some fundamental properties that never changes and it applied to all transactions:
- A sender and a receiver in transaction must agree a transaction occurred
- Identity of all parties must be agree by the individuals participating in the transaction
- Time of transaction must be agreed by both parties
- Details of the transaction are easy to review and not subject to review
- The evidence of the transaction must persist and be unchangeable over time
All this process will provide a higher level of transparency and assurance in the supply chain industry.
Every time someone adds something new to the supply chain, it will be known with certainty where it came from let look at how this works:
- With blockchain supply-chain software will be able to minimize all unauthorized changes
Going into software engineering industry will use some extensive library of technologies for managing software risk and maximizing software assurances , blockchain can provide more secured system for all elements of the software of the supply chain using modern cryptography , which will allow them use digital signature for any code
IMPACT OF BLOCKCAHIN TO THE SUPPLY CHAIN INDUSTRY
With blockchain in the supply chain industry the following can be achieved to increase productivity:
- New information can be added but previous information which are stored on the blockchain controlling the supply chain system cannot be edited , adjusted or changed
- Today transparency in the industry matters using blockchain this will improve because any transaction taking place is open to everyone
- Trading partners will trust one another because before any transaction takes place they must all agreed and approve it
- Block chain can help provide anti-counterfeit tool that can pinpoint the most smallish counterfeit product through the supply chain
- For checks and balances companies will use smart contract which is a blockchain based system for accountability