Block chain in Supply chain management

 I am Aswith Krishna Asok pursuing MBA in Amrita School of Business,Coimbatore.Recently I came across an article about Block chain in supply chain management and here are some of the insights that I gathered.

                             According to a 2018 report, block chain is on track to bring a 5% increase in global GDP and a 15% rise in trade volume. Global supply chains are already data intensive with real time data ships and trucks, sensors, shipping pallets, business partners and inventory management systems.

           BHP Billiton, the world’s largest mining firm, announced it will use block chain to better track and record data throughout the mining process with its vendors. Not only will it increase efficiency internally, but it allows the company to have more effective communication with its partners.

           Diamond-giant De Beers uses block chain technology to track stones from the point they are minded right up to the point when they are sold to consumers. This ensures the company avoids ‘conflict’ or ‘blood diamonds’ and assures the consumers that they are buying the genuine article.

          Walmart uses block chain to keep track of its pork it sources from China and the block chain records where each piece of meat came from, processed, stored and its sell-by-date. Unilever, Nestle, Tyson and Dole also use block chain for similar purposes.