Supply chains are at the core of the way we do business, so when something goes wrong, it damages the entire supply chain. Identifying the major issues in a company’s supply chain and treating those with technology is the primary way we can handle supply chain inefficiency.

Through IoT and blockchain technology, companies can streamline their supply chains and deal with inefficiencies without excessive and stressful processes.

Where does the supply chain problem come from?

The primary cause of supply chain issues, according to Deloitte’s 2013 Global Supply Chain Risk Survey, was “the difficulty in having to manage sudden demand changes and margin erosion, mostly because they lack the latest tools.”

The 2020 supply chain still lacks digitalization, visibility, and traceability. With the ability to track and trace our supply chains comprehensively, we can identify any inefficiencies and deal with them quickly.

Without this cross-supply-chain visibility, it’s almost impossible to identify supply chain inefficiencies and deal with them before they become a much larger problem. That’s where IoT and blockchain come in.

How IoT and blockchain ameliorate supply chain problems

IoT and blockchain deal with the supply chain issues by identifying, tracking and analysing supply chain issues. For example, IoT can allow us to track different assets within the supply chain and blockchain enables companies to secure and centralise data.

With the integration of software such as artificial intelligence and machine learning, we can also analyse this data. This data analysis enables visibility and forecasting across the supply chain. Forecasts allow cs to identify issues before they become major problems.

One of the main issues with company supply chains is the inability to maintain visibility within extended vendors. When outsourcing, for example, many companies struggle to gain visibility into their own supply chains. This means that they largely rely on trust.

By integrating blockchain, we provide a central source of trust and visibility. Companies know that the information is correct and hasn’t been tampered with due to blockchain’s permanent and immutable nature. With the help of IoT, we can also get direct data from hardware.

Blockhead Technologies has created STAMP Supply, a blockchain-backed supply chain tracking platform. STAMP Supply provides secure data storage and analysis of data across entire supply chains. The platform also integrates with any pre-existing software and hardware to enable full visibility across company supply chains. You can find out more about STAMP Supply here or contact us here for a demo.