Last week MHL (Material Handling & Logistics) magazine publish a piece I wrote on the use of blockchain technology to provide high-value business benefits in supply chain management. Some of these include:
- Creation of an immutable, portable record of all hand-offs between parties that is not held hostage by any one vendor or party
- Complete, portable chain-of-custody useful for every from regulatory compliance to management of product recalls
- (My favorite): Use of Smart Contracts to create distributed automated intelligence to do things like automatically triggering notifications and invoicing on milestone achievements (CFOs would love that). This could be accelerated even faster by using smart sensors.
My focus was on ideas that can truly be implement today, integrating with existing systems for milestone management and payment processing (easing adoption and integration). Please visit the MHL magazine to read the full article. You can also download the infographic they have hosted with the article here.
BTW, these same concepts can be applied anywhere serialization is needed: digital media sales, regulated product delivery, clinical trials, etc.
Fun fact: You can likely guess when I originally wrote the article based on the BTC price quoted for the music download. BTC has appreciated quite a bit since then. 😉