Traditional supply chain system is complex and involves many different players, from manufacturers to distributors to retailers. The COVID-19 pandemic has shown the vulnerabilities of traditional supply chain systems.
Blockchain technology has the potential to streamline the process and offer greater transparency and accountability to all stakeholders. In this blog post, we will discuss the advantages of using blockchain technology in supply chain management and some live use cases from award-winning blockchain solution, eZTracker.
From streamlining logistics to improving transparency and accountability, blockchain can offer numerous benefits to businesses looking to optimize their supply chain operations.
Here are five ways blockchain can revolutionize supply chain management:
Enhanced traceability: With blockchain, all supply chain participants can track products at every step of the journey, from production to delivery. This allows for greater transparency and helps tracking and authenticating its transaction and ownership history, prevent fraud and counterfeiting.
This has significant impact for industries like pharma - where more than 1 in 10 medications in developing countries are counterfeit. To make healthcare more accessible, Zuellig Pharma, a leading healthcare service provider in Asia, developed eZTracker - a live production-grade supply chain traceability solution that was recognized as Patient Innovation of the Year in Gartner 2023 Supply Chain Awards.
By serializing product units with an encrypted Digital ID, every product can be tracked from plant to patient and patients can verify if its provenance is from an authorized source. Not recognized IDs that are potentially from malicious actors are flagged out and patients can report the incident to the pharma manufacturer – creating a more secure and trusted ecosystem for all.
Faster and more efficient transactions: With blockchain, supply chain transactions can be automated and processed quickly and securely, reducing the time and cost associated with manual processes.
For example, updating of paper leaflets contained in medication boxes used to take months and was often done manually. eZTracker leveraged blockchain to build a secure submitter and approval system that digitized the process and capture a compliant audit trial – saving time for all parties.
Improved inventory management: By using blockchain, businesses can better manage their inventory by tracking product availability and demand in real-time.
This wealth of accurate data also enabled eZTracker to develop auto-replenishment functions which notify users when stocks are low and even helps place new orders – all in a click of a button. Analyzing this data also unlocks demand forecasting insights and help businesses better achieve just-in-time inventory and build supply chain resilience.
Increased trust and collaboration: Blockchain can enable greater trust and collaboration between supply chain partners by providing a secure and transparent platform for data sharing.
This is critically important as over 90% of consumers across various brand studies say transparency is important to their purchase decision. Hence, solutions like eZTracker help manufacturers offer greater transparency of key product information like storage conditions, provenance, expiration dates and more – to improve loyalty and brand trust.
Better compliance and sustainability: With blockchain, supply chain participants can ensure compliance with regulations and sustainability standards by tracking the origin and lifecycle of products.
Furthermore, blockchain digitizes all the key tracking information which will significantly reduce the reliance on paper and print. An example from eZTracker is the implementation of e-labelling where patients can scan the QR code on their product to access the latest approved information to encourage proper adherence while saving the environment and cost.
In conclusion, blockchain technology can provide a more resilient and robust alternative that offers greater transparency, trust, and security. Industry leaders who harness the power of blockchain early will stand to gain serious competitive advantages.
Singapore Blockchain Innovation Programme
At the Singapore Blockchain Innovation Programme (SBIP), we are dedicated to exploring the potential of blockchain technology and driving innovation in this exciting field. Through our community events, seminars, workshops, hackathons and partnerships, we aim to connect blockchain enthusiasts and innovators and create a vibrant ecosystem for blockchain development.
So, if you’re interested in learning more about the world of blockchain technology and its potential applications, join us at SBIP!
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