25 June 2018
Using Blockchain to Enable Supply Chain Transparency
In IoT for All, Igor Ilunin, Head of IoT at DataArt, explores how the decentralized, transparent, and secure nature of blockchain makes it an ideal solution for global supply chains.
“As illustrated in DataArt’s recent proof-of-concept project, Porsche Blockchain Services Ecosystem (Porsche BSE), the entire chain of vehicle goods and services providers can be effectively managed with blockchain to enable complete transparency.
From manufacturing to insurance, repairs, and recalls, blockchain helps tackle the complex web of data and puts it all into one database, which can be utilized by all relevant parties to retain the accuracy of information at all times.
Blockchain guarantees that all parties have access to an identical copy of the ledger. When a blockchain transaction occurs, its validity is verified by other computers on the network before it’s added to the growing database. Everyone on the network can view all transactions that have occurred, and any attempt to incorrectly modify blockchain data will be disregarded by the system if it doesn’t properly align with existing information.
The decentralized, transparent, and secure nature of blockchain makes it an ideal solution for global supply chains. Regardless of industry, transparency is an essential component of effectively managing our global economy and marketplace. By utilizing blockchain, we can ensure accuracy and transparency across all transactions, leading to a safer and more efficient process for delivering goods and services to consumers.”