Blockchain: A New Solution For Supply Integrity Case Study Help
Innovation:
Due to the absence of the central control, it significantly promotes smart contracts providing information access to certain participants. Whereas regulatory would have the ability of monitoring the flow of goods through the network of supply chain.
Challenges to adopting Blockchain Technology:
Despite the capability of Blockchain systems to address the current issues in the supply chain management, there are some challenges regarding the adoption of Blockchain technology.
Vertical Integration:
Vertical integration has been used many of the organizations for the cost reduction as it provides transparency. But, the implementation of Blockchain system is not always associated with the provision of positive outcomes. This is known to change the competitive advantage of the organization between intermediaries based on the provision of information access to all participants. Additionally, it requires change in the business strategic approaches resulting in irrelevancy of the competitive advantage.
Information Asymmetry:
The occurrence of information asymmetry is based on the lack of information regarding the performance of transactions between intermediaries. In contradiction, this can serve as a competitive advantage for the intermediaries having access to exclusive information. But, the use of Blockchain, the access to complete information will be restricted.
Value Creation:
Blockchain allows the organizations to represent their capability of innovation. Similarly, consumers would be provided with the option of product selection based on the provision of accurate information. But, every organization does not tend to demonstrate the capability to be differentiated through value creation. Therefore, the adoption of Blockchain technology is expected by the leading high-end brads. This is primarily due to the importance of value creation in the purchasing process of the customers.
Adoption and Implementation of Blockchain Technology:
Blockchain system is mainly referred to a database system i.e. decentralized. Therefore, the adoption and implementation of Blockchain technology is considered to bring revolutionary changes to the almost in every industrial sector. The industries which are most likely to be revolutionized through the adoption and implementation of Blockchain technology mainly include: banking – secured ways for the storage of banking records and money transfer, healthcare – for saving and securing the confidential data of the patients, politics – secured registration and verification of voters, real-estate – process simplification and elimination of escrow, legal industry – secured storage, retrieval, and verification of the documents, security, government – transparency through decentralization to build trust over citizens, ride sharing and rentals – creation of true peer-to-peer networks, charities and aid companies – trusted donations to the charity organizations, and most importantly education – simplifying the verification process of documents in schools and colleges. (Marr, 2018)
Conclusion:
The Block-chain supply chain management system is considered to serve as the universal operation system for supply-chain due to its extensive application network. Despite the capability of Blockchain systems, some challenges are also associated with the adoption and implementation of Blockchain technology. But, being a centralized network, it is expected to greatly influences wide-ranging industries across the world i.e. bringing revolutionary changes to the almost in every industrial sector............................
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