How to use DLT technology to create supply chain 4.0

特邀专栏作者

2020-03-31 14:48 (UTC+8)

This article is about 1491 words, reading the full article takes about 3 minutes

In the face of various challenges during the recession, it is increasingly necessary to rethink business strategies to improve operational efficiency. Among them, the first step is to use the intelligent supply chain to collect high-quality operational d

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nowas well asas well asThe impact of the new crown epidemic on the global economy, causing headaches for executives in the consumer goods sector. In 2020, leaders continue to be under pressure to invest in new technologies in order to gain a foothold in an increasingly competitive environment and swim against the current downturn.

useuseSmart supply chainCollect high-quality operational dataAnd get actionable insights, so as to promote the implementation of predictive supply chain management methods throughout the enterprise. But the reality is that the existing solutions on the market are not perfect, either they are ridiculously expensive, or they are extremely slow to produce results. This is why many digital transformation attempts have repeatedly failed. Within a limited budget, they either gained little or failed outright.

distributed ledger technologydistributed ledger technologyAfter the potential of the game, we finally found a way to upgrade within the budget. Before introducing the specific solutions, let’s understand the current challenges of the consumer goods industry and see why it is necessary to optimize the overall operating efficiency.

1.Increased automation is speeding up supply chain operations.And automation is generating a steady stream of new data — from machine feedback on warehouse productivity to the constantly updated status of deliveries.

Figure: How increased automation is changing global supply chains

2. The risk of counterfeiting remains high.With the number of players and intermediaries increasing, supply chains in the consumer goods industry need to span many production steps and regions. And consumers have no reliable tools to verify the origin of goods and their actual value.

3. Consumer expectations are rising.The recent trend of online consumption shows that consumers' expectations for services are gradually increasing, the requirements for orders are becoming more and more detailed, and there are more and more customized orders. The transparency visible online and the easy access to many options such as buyers and sellers have made the competition in the supply chain industry increasingly fierce.

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rightFor 3/4 of executives, the most recent priority is toDevelop digital analytics for supply chains. To explore the potential of advanced forecasting solutions, such as predictive analysis of internal and external data (internal data includes market trends, weather, school holidays, and construction indicators, etc.; external data includes customer needs, etc.), the first step is to collect all interests. Data that all parties involved can trust 100%.

But how do we confirm that the collected data is trustworthy? DLT technology can provide a tamper-proof transaction record that is verified by all participants in the supply chain. With this powerful solution, it is possible to verify the integrity and immutability of human and machine-generated operational data. In addition, DLT technology, while not ensuring the accuracy of input data, can guarantee that the various parties involved (whether they are machines or humans) will fulfill their promises. As a result, we have a flexible tool to track the responsibilities of all parties in the supply chain.

Here are some other benefits that blockchain technology can bring to the consumer goods industry:

supply chain integrity: With blockchain technology, information such as the location and status of products or commodities moving in the supply chain can be registered on the blockchain ledger. The smart contract function in the blockchain solution can define and automatically execute the contract terms to ensure the integrity of the supply chain in a secure and real-time environment.
Enhanced transparency: Blockchain can track products in the supply chain ecology, covering the whole process from manufacturing to end users, so as to prevent theft and forgery. Finally, blockchain-powered supply chains also allow for quick dispute resolution and smart contract verification to resolve discrepancies.
Digital identity of goods ownership: With blockchain solutions, manufacturers are able to utilize digital identity tools to mark ownership and package. In this way, the goods and their packaging are guaranteed, thereby increasing the value of each link in the logistics supply chain.

However, such optimizations may not be cheap, given the potential capital and labor costs of fully deploying new technology across the enterprise.We need to launch a trust verification platform through DLT technology, and realize feasible and flexible supply chain management efficiently and cost-effectively by connecting scattered data:

Ensuring that all stakeholders only store data that has been verified by supply chain participants;
There is no need to re-validate the data, simplifying the data management process of the enterprise;
By eliminating duplicative and wasteful paper-based data management systems in an efficient and cost-effective manner, you can greatly increase the certainty of data integrity.

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