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What is blockchain?

Blockchain, as per IBM, is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

Supply Chain Digital in an article published in 2022, cited 10 possible benefits of block chain in supply chain: 1) it increases security by creating a transparent audit trail of actions that cannot be manipulated; 2) sustainability by closing down illegal and unethical practices; 3) objectivity - decisions are made based on objective data; 4) transparency; 5) cross-border compliance - reacts to and complies with country-specific regulation 6) ease of adoption; 7) consumer confidence by enabling companies to identify the provenance of raw materials and whether the supply of a product has violated ESG guidelines - so protecting businesses from reputational damage; 8) political compliance; 9) increased efficiency by allowing data to be used in such a way that visibility is greater between the various tiers of the supply chain; 10) financial security by giving both parties more control and making the supply chain more robust.

Although blockchain in supply chain shows a promising solution to a lot of common issues supply chain has, like most new technology, blockchain in supply chain is also facing limitation in each integration. Forbes pointed the following as some of the limitations in using blockchain in supply chain:

- Low Scalability - most nodes need to authorize the transaction and the problem is that transaction speed depends largely on network congestion - Implementation Challenge - the development, licensing and overall maintenance needs larger budget allocation - Shortage Of Talent Pipeline - as this technology is still evolving, a development community requires some time to compose the relevant educational programs and alleviate the market demand. - Private Key Issues - once generated during a wallet creation, they provide access to all the data stored. If stolen, it puts both sensitive data and finances in jeopardy. If lost, then wallet access is gone forever. - Problematic Integration With Legacy Systems - if the blockchain solution is to be integrated with outdated systems already in use, possible data loss or corruption risks arise, especially if organizations have no seasoned specialist in place - High Energy Consumption - with the resources needed to cool down the equipment, prices are only rising

Overall, unless an entity is willing to allocate a bigger budget for developing, maintaining and sharing their technology, blockchain integration to blockchain could be overwhelming. All benefits of the technology will not be enough if the company cannot sustain its limitations.

Ashcroft, Sean. (2022, May 04). Ten benefits blockchain brings to supply chains. Retreived on October 6, 2022, from https://supplychaindigital.com/digital-supply-chain/ten-benefits-blockchain-brings-to-supply-chains

Knysh, Nadya. (2021, November 22). Introducing Blockchain: Six Limitations For Enterprises To Remember. Retrieved October 6, 2022, from https://www.forbes.com/sites/forbestechcouncil/2021/11/22/introducing-blockchain-six-limitations-for-enterprises-to-remember/?sh=f8cc971313fb