Weaknesses in how processes and systems work have been exposed and exacerbated by the COVID-19 pandemic. This interesting topic came to us from the World Economic Forum in their article, “This is how blockchain can help fight pandemics.”
When the pandemic took hold, demand for supplies such as personal protective equipment and basic household necessities became a challenge. Global supply chains were crippled. Many believe that blockchain technology is the answer to prevent a repeat situation.
Blockchain technology allows information to be recorded in a way that makes it difficult or impossible to change or hack. It is increasingly being used to validate the authenticity of data in various applications.
The technology has the potential to transform the supply chain and disrupt the way we produce, market, purchase and consume our goods. As a distributed ledger that ensures both transparency and security, the blockchain is showing promise to fix the current problems of the supply chain.
Organizations can digitize physical assets and create a decentralized immutable record of all transactions, making it possible to track assets from production to delivery or use by end user.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.