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Blockchain Technology Prepares Manufacturers for Supply Chain Disruptions

Blockchain Technology Prepares Manufacturers for Supply Chain Disruptions

Since COVID-19, the world has changed drastically.

In the manufacturing sector, supply chains continue to be affected and it has become a top priority for companies to have technology in place to handle such disruptions to avoid catastrophic effects to their supply chains. Whether manufacturers are already impacted by a disruption, suspect that there may be disruption, or are preparing for the next disruption; running through a list of actions they must take is at the forefront of their minds. However, no matter which stage they are at in their disruption, there is one particular action item that sticks out the most: communication.

Communication is crucial to supply chain success yet it is surprisingly one of the biggest areas within the sector that needs improvement. 

When a company is at any stage in a disruption, they have to communicate with a variety of stakeholders. When it comes to communicating with those outside the organization, i.e. the suppliers, communications become even further strained.

Having immediate contact with suppliers, carriers, forwarders, and brokers is of utmost importance. If a company doesn't have instant, secure access to each of their stakeholders, the disruption only becomes a larger problem with each passing minute. 

There is an obvious roadblock within the sector that needs to be addressed as supply chains gear up to be better prepared for disruptions of various magnitudes. 

To address this roadblock, blockchain technology can help raise the bar. Many in the industry already know about blockchain’s decentralized nature, which means that data is stored in nodes across the entire network, so it becomes virtually impossible for hackers to tamper with sensitive data. But many may not be aware of how blockchain solves the sector's communication obstacle. Blockchain allows users to track all of their real-time data, which brings several benefits. When everyone in the network is participating, everyone has access to the same information which improves the protection of messages and supply chain information sent on the blockchain network. Implementing the technology gives manufacturers the ability to communicate with stakeholders with speed and security- both of which are crucial when handling a disruption. This in return enables enterprises of all levels to communicate easily, coordinate appropriately and reduce the complexity of communication. 

So how can members of the supply chain seamlessly integrate into blockchain networks to improve communication with one another? The BlockSpaces platform.

With the BlockSpaces platform, we take the mystery out of blockchain integration and simplify data connections between disparate systems. Delivered with a code-free interface without requiring significant technical expertise, our platform is built for the specific challenges of blockchain integration. Being able to connect with stakeholders instantaneously relieves communication roadblocks and creates a more collaborative, instantaneous, information-sharing world where every entity up and down the business value chain transacts with each other in an immutable, trusted manner. 

It all boils down to the simple fact that when proper communication methods are taken between stakeholders and external suppliers, the quicker a disruption of any size can be resolved. We have seen such disruptions take place both behind the scenes and as consumers and blockchain is the technology that will help supply chains in times of crisis.  

If you are in the manufacturing sector, we are interested in hearing some of the challenges you may be facing when it comes to communication and would welcome the opportunity to have a conversation on how BlockSpaces can address these challenges.

Please reach out to our team

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