Blockchain technology: the next frontier in information technology
Grasp the opportunities
Heralded as one of the most transformational technologies of our time, it is next to certain that blockchain will affect your business in some way. Business leaders able to grasp the opportunities of this technology in applications as diverse as supply chain and customs to food safety and customer engagement are poised to unlock future growth.
Transactions involving the transfer of assets – such as goods, money, patents, contracts or just about anything that holds value – are traditionally tracked in ledgers. These ledgers, however, are inefficient, costly and non-transparent. Moreover, they are trust-based, making them sensitive to fraud and misuse – which is why we rely on 3rd parties such as banks, government bodies, auditors, certifiers, inspectors and others to verify them. Blockchain aims to solve all of these deficiencies.
The basics of blockchain
A blockchain is a tamper-proof, shared digital ledger that records transactions in a public or private peer-to-peer network. All assets are embedded in digital code and stored in transparent, distributed databases. Every transaction has a unique digital signature that is identified and validated by the entire network, protecting them from deletion, tampering, and revision. As such, blockchain’s new form of data sharing and asset transfer has the potential to eliminate intermediaries and central third parties.
Blockchain’s transformative potential extends far beyond financial and insurance-related applications.
Bringing transparency to diverse sectorsBlockchain may be the technology at the heart of digital currencies like Bitcoin, but its potential goes far beyond financial or insurance-related applications. Every business process that somehow relies on trust, security, transparency or operational efficiency can benefit.
Complex supply chains, such as those that characterize the food industry, will be revolutionized by the transparency enabled by blockchain. For example, the many parties involved, from growers and washers to peelers, distributers and retailers, would gain insights into every single step the product has taken from field to shop.This also makes health and safety tracking a simpler undertaking.
From managing supply chains to setting up global collaborations or even enhancing marketing and customer service initiatives: blockchain has the potential to disrupt it all. While there are still many challenges to overcome, the technology promises to evolve rapidly. In order to unlock future growth, business should begin by exploring the realm of opportunities it has to offer in their sectors.
Dream big, act smart. Manna Foods dreams big with delaware
Belgian-based sauce producer Manna Foods envisions a completely transparent supply chain, from farm to fork. Together, we came up with a blockchain-based solution enabled by SAP S/4HANA.
Discover how blockchain technology transforms supply chains
Industry 4.0 is defined by the advent of new technologies that are revolutionizing the way businesses operate, collaborate and create value. Blockchain is one of these central technologies – and it enables far more than just track and trace. Explore how delaware’s blockchain solution for food companies takes efficiency, cooperation and customer empowerment to the next level.
A better steak on your plate thanks to blockchain
Consumers want to know exactly what they are eating. Blockchain can help to satisfy their hunger for answers, so it is high time to make wider use of this extremely promising technology in the meat sector.
Road to supply chain execution in a 4.0 world
Increased collaboration, overall transparency and process automation in the supply chain