How blockchain links manufacturers, suppliers and financiers
Covid concentrated attention on supply chains like never before as the pandemic caused massive disruptions. Companies started looking deeper into the roots of their supplies, going further back than their immediate vendors. But it isn’t easy because of data silos and lack of digitization.
This has created an incentive to look at tech like blockchain and IoT that can give end-to-end visibility to stakeholders in a supply chain. While IoT sensors help track the movement and quality of products, blockchain’s distributed ledger gives multiple entities joint control over shared information. The mathematical authentication in entering records on such a platform ensures that no single party can twist what’s recorded.
“How to build a shared digital infrastructure for B2B transactions that is secure and auditable even though it cuts across enterprise boundaries—that’s the fundamental construct of our focus," says Praphul Chandra, founder and CEO of KoineArth, a blockchain startup based in Bengaluru and Singapore.