Blockchain and Data Supply Chain: the revolutionary combination for management

Data management is one of the main concerns for companies in all sectors. The need to reconcile data from various systems, lack of transparency, and vulnerability to cyber-attacks are just some of the challenges faced by businesses. But what if there was a solution that provided a secure and decentralized infrastructure for managing data and ensured its quality and integrity throughout the entire value chain? That’s where the revolutionary combination of Blockchain and Data Supply Chain comes in.

While Blockchain technology is widely known for its ability to provide a decentralized and secure data infrastructure, the concept of Data Supply Chain focuses on data management at every stage of the value chain, ensuring data quality and integrity at each step. Together, these two concepts can bring significant benefits to the structure of companies in any industry, including efficiency, reliability, and transparency throughout the supply chain.

Although there aren’t many studies yet that prove the combination of both, individual studies have already shown interesting results. The implementation of Blockchain technology in a supply chain has the potential to reduce operational costs by up to 30% (Deloitte, 2021) and increase efficiency by up to 15% (DHL, 2019). Companies that have implemented a Data Supply Chain strategy have been able to reduce operational costs by up to 20% (results collected by GE Appliances), reduce response time by up to 40% (results collected by Unilever), and improve data quality by up to 15% (results collected by Intel).

Cases like the IBM Food Trust platform, which uses Blockchain technology to provide transparent information to consumers about the origin and production process of food, and Bitfury, which is using Blockchain technology to create a land registry platform, are examples of how the combination of Blockchain and Data Supply Chain can be applied in practice and yield significant results.

However, the adoption of Blockchain technology and the concept of Data Supply Chain may face challenges such as integration with legacy systems and the need to train employees to work with the new technology. Companies also need to be prepared to deal with regulatory and compliance issues.

In summary, the combination of Blockchain and Data Supply Chain is a promising solution for enterprise data management, bringing efficiency, reliability, and transparency to the entire value chain. As more companies adopt this approach, it is likely that the benefits will be further proven, providing a more secure, decentralized, and reliable data infrastructure for companies in all sectors.

This article was originally published on iCoLab.