Countries keep fighting the COVID 19 as it infects more than 1.5 million people worldwide. How long is this COVID-19 crisis going to last? It’s hard to put together reliable data to predict when it’s going to end.
The death toll of coronavirus continues to increase dramatically in many countries and has impacted the community’s economy and everyday life. Coronavirus struck industries hardest like the grocery, transportation, hospitality and supply chain. Organizations around the world are facing significant changes to their supply chains with the advent of COVID-19.
The pandemic has clearly exposed vulnerabilities in supply chains. Organizations internationally displayed varying degrees of sensitivity. This exposed a breakdown in the connection needed to track, locate, authenticate, finance and clear medical goods, materials, etc. across trade channels, in a secure, verifiable and efficient manner.
Let us think of the supply chain as a network of supplies. Groups of manufacturing facilities are connected along the way by transport routes with many storage locations. Because of social distance requirements, manufacturers that rely on labor-intensive processes that allow people to work closely together were disrupted.
Like transportation networks, if truck drivers get sick, they run the risk of disruption. It is hard to predict precisely where disturbances are most likely to be felt however different supply chains have been disrupted and badly affected.
Blockchain and how it can help supply chain?
Although blockchain‘s most popular usage is in the cryptocurrency, the fact is that blockchain — essentially a digital transaction ledger that is duplicated and distributed across the blockchain’s entire network of computers.
Each block in the chain includes a number of transactions, and each time a new transaction takes place on the blockchain, a record of this transaction is added to the ledger of each participant. Because each transaction is spread over several nodes as multiple copies of the ledger, this is highly transparent.
Blockchain provides certain things which are necessary for reliability and integrity in a supply chain. .More documents can’t be deleted in the blockchain which is an additional benefit. Since blockchain allows the transfer of funds anywhere in the world, it is very convenient for a globalized supply chain.
Because of the difficulty and lack of transparency of our existing supply chains, blockchains could transform the supply chain and the logistics sector.
Blockchain definitely has the ability to increase the efficiency and transparency of supply chains and has a positive impact on everything from warehousing to distribution through until payment.
Covid-19 and The Blockchain
The World Economic Forum (WEF) published a report on 6 April highlighting how digitization and blockchain can help survive supply chain disruptions, particularly in crises like covid-19. Amid disturbances in the supply chain caused by coronavirus, several experts echoed the need for greater visibility across the chain. In my opinion, blockchain is the best solution for visibility.
Blockchain networks could theoretically help push products faster in the present covid-19 crisis, as alternative suppliers could be found faster. With greater understanding of vendors and products stocks during a disruption, many customers might recognize where suppliers send products to new sources and redirect shipments where they are most necessary
Decentralized goods focused on blockchains may be a solution for several business transformations. To push the company to the next level, we collaborate with industry experts, influencers and designed platforms.COVID-19 has brought to light many organisational weaknesses and obsolete business flows. The current slowdown provides an opportunity for a potential reset button for many organisations.