Creating Efficient, Circular & Sustainable Supply Chains
Blockchain in SCM is helping to merge, connect and streamline fragmented supply chains. It’s facilitating revolutionary technologies such as Digital Product Passports and smart contracts that are increasing efficiency, promoting transparency, encouraging collaboration, and enhancing data security across supplier networks.
Improved Data Integrity & Traceability
Blockchain allows organisations to leverage one immutable source of data that is accurate, traceable, and can span complex supply chain ecosystems. The inherent cryptographic security and decentralisation of blockchain networks mitigates the risks of network downtime and data manipulation. Blockchain can:
- Close the efficiency gaps left by fragmented, legacy SCM systems by utilising a blockchain network as a sole source of verifiable data
- Aid real-time collaboration and visibility of data amongst partner organisations using permissioned blockchain networks
- Track and authenticate the movement of materials through the chain and beyond
- Prove the authenticity of data through hashing; reducing the risk of supplier fraud or data manipulation, and promoting accountability across your supply chain
Provable Sustainability & Circularity
Governments and institutions such as the EU are aggressively combatting climate change via legislation that aims to create sustainable circular economies. For businesses this necessitates a critical focus on cleaning up supply chains and leveraging innovative solutions that ensure compliance, enhance sustainability and generally reduce waste. Blockchain in SCM is powering solutions that can:
- Authenticate data relating to the provenance of raw materials, sustainable sourcing, fair labour practices and more
- Power Digital Product Passports that provide proof of a product’s lifecycle, facilitate resale markets and reduce waste
- Help organisations remain compliant with regulations and demonstrate their commitment to sustainable practices
Digital Product Passports
DPPs are a revolutionary tool for collecting and sharing a product’s data throughout its entire lifecycle. They enable your business to become compliant with upcoming EU regulations, gain valuable insight into consumer trends, and provide recycling and reuse information for product longevity. Find out more about the impact of DPPs and how you can implement them in your supply chain.
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