Question

. What are the current issues with managing the supply chain? In general, how can blockchain technology address some of the issues facing the supply chain?

2. Discuss challenges of adopting blockchain technology into a company’s existing supply chain.

3. Ideally, what kinds of companies and businesses can benefit from adopting and implementing blockchain within their supply chain?

Answer 1

Answer 1= the integrity of goods, trust, and tracking are the three main important challenges that are being faced in the supply chain operations at present. Due to globalization, the different products are sourced from the different locations and therefore integrity of the goods becomes quite a challenge for the organizations Similarly the level of trust among the suppliers and producers or the members of the supply chain is also reducing due to various complication san legal aspects of the international supply chain. Tracking of the item and getting the right information about the whereabouts of the products is also the issue that has to be managed in the supply chain.

Blockchain are quite important in the supply chain particularly when it comes to international supply chia n. These facilitate the transfer of funds from any location of the world to any other location without needing any sort of conventional banking modes, thus the payment in the supply chain becomes quite easy and therefore the transaction related to the supply chain becomes quite faster.

Answer 2=

The main challenges are as below

As the blockchain technology is highly customized in nature there having a better understanding of its technical functioning. Data schemas and security protocol becomes quite complicated.

The transaction environment is still not so safe and it has a number of challenges regarding secured transactions

Most of the companies still use the conventional ERP system that does not support blockchain technology

Due to ecosystem inefficiencies, most of the ecosystems do not support the blockchain technology

Answer 3= The companies with dynamic operations, global functionality and which are resourcing their materials and equipment from the different locations of the world will find the implementation of the blockchain technology quite useful. Apart from the companies which are working in retail, banking, and supply chain management will also use this technology