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Fighting fraud in the supply chain with blockchain

  • 2 wk ago

Jonas Lundqvist, CEO at Haidrun, explores how private blockchain technology is helping to fight fraud in the supply chain by delivering trust and confidence using cryptographic security, a shared source of the truth and tamper-evident transaction history 

Every enterprise has a supply chain. They can’t exist without them and effective management of the supply chain is at the heart of any successful business. Controlling the flow of data and funds related to suppliers and partners for components, parts, raw materials, work in progress and finished goods from the point of origin to the point of consumption has always been a complex procedure. Global events have made this even more challenging and with the increasing risk of cyber attacks, counterfeiting and the drive for sustainability, it is no wonder that supply chain fraud poses a bigger threat to organizations now than ever before.

Supply chain fraud affects organizations of all sizes in all industries and can occur at any step in a supply chain and routinely including bribes offered during supplier selection and forged checks for financing to fraudulent payments and guarantees. However, a growing and more challenging trend is the corruption in supply chain data. It is a significant management challenge that can take a wide variety of forms including manipulation of provenance data, item quantity and payments information, as well as the introduction of fake and counterfeit goods into the system.

Identifying such compromises in the process is obscured by the lack of consistency and integration across today’s broad spectrum of technologies supporting the links in the chain: from legacy analogue comes through to cutting edge integrated digital systems. People and processes connect in a combination of ways from non-secure, low-tech phone calls, emails, apps and even faxes to advanced technologies such as IoT-enabled devices, artificial intelligence (AI) and machine learning (ML). This lack of uniformity and security across the modes of communication creates risk exposure in areas such as authenticity, payments and reporting.

Continue reading: https://www.information-age.com/fighting-fraud-supply-chain-with-blockchain-123498278/

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