Supply chain security is something that all supply chain managers should be closely monitoring. Today’s supply chains face a unique array of threats, both in the physical and digital realm. Several years ago, the biggest supply chain issues to combat were things like supply chain terrorism, theft (internal or external), and piracy. Nowadays, you must also consider digital threats like data breaches and hackers. With so many potential dangers to your supply chain, it is becoming increasingly important to plan to ensure that your supply chain is protected. Thankfully, blockchain can do precisely that.
How Blockchain Can Boost Your Supply Chain Security
Blockchain technology can be utilized to strengthen your supply chain. The decentralized digital ledger inherently creates a system whereby all transactions are recorded and time-stamped in an immutable environment. Nothing on the blockchain can be changed retroactively, so anything that you see is true, accurate, and verified. This increases supply chain security for several reasons:
- Blockchain pinpoints exactly where and when items were last accounted for, so if something goes amiss, there will be less finger-pointing, and instead, appropriate parties will be held responsible. This will translate into fewer instances of theft and fraud moving forward.
- Because blockchain is nearly impossible to tamper with, you will no longer have to worry about anyone hacking your data.
- With blockchain, no one can access your data unless you allow them to. And because public blockchains are backed up by the whole Ethereum network, with the entire community required to verify every node, supply chain security is boosted. This can help make data breaches a thing of the past.
Why Aren’t All Supply Chains Protected with Blockchain?
While the benefits that blockchain could bring are clear, the industry has been slow to make big changes. This rings especially true when it comes to embracing new technologies. And in order for the industry to truly reap the benefits of increased supply chain security, blockchain must become the norm. Only time will tell how long it will take before this shift occurs, but once it does, supply chain security will be enhanced for all.
Additionally, humans will still be a part of all supply chain operations. That means that there will always be the risk of vulnerabilities popping up as developers naturally make errors. And unfortunately, those can be exploited by those with criminal intent.
Secure Your Supply Chain with Blockchain Now
Security is imperative in supply chains, especially with the vast array of risks faced in modern supply chain management. As new trends and technologies continue to come into play, so will new security threats to your supply chain. Attack methods will continue to evolve and become more refined, so it is imperative to ensure that your supply chain is equipped to tackle whatever the future may have in store. The best approaches will protect your supply chain from all angles. So if you’re looking to strengthen your supply chain security, blockchain might be the right fit for you. To learn more about how blockchain can protect your supply chain, get in touch with or request a demo from us today.