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Tuesday, January 18, 2022
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Blockchain Technology – The Next Revolution of Supply Chain

The popularity of bitcoin among the internet world spurred many to look at the underlying technology application. What makes bitcoin ungoverned, stateless and independent, a currency the world is so actively trading daily without regulation by any agency? Why are financial institutions so involved in using blockchain technology to develop integrated banking applications? Are there other business applications for blockchain technology? What is all this mind bending excitement about blockchain technology? Let us run though some of the facts.

traceability and transaction monitoring shipments
The diagram above shows the use of blockchain technology to ensure traceability and transaction monitoring of shipments. (Extracted from Lehmacher, 2017)

Blockchain Technology for Supply Chain Management

1. A blockchain record cannot be controlled by a single entity

Incredible as it sounds, you need to take control of more than 51% of all the networked computers controlling the blockchain to make a “false” record. Now image if your network is a million strong computers, a seemingly impossible event. From a single computer, a request to add can only be processed, and also to view the current blockchain record.

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Adrian Goh Boon Siong, GDSCM
Adrian Goh Boon Siong has extensive experiences in supply chain management, business and manufacturing operations in several industries. He is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Adrian holds an MBA from the University of Adelaide, and has completed the Graduate Diploma in Supply Chain Management (GDSCM) in November 2017 at SIPMM Institute.

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