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Blockchain meets the manufacturing supply chain

Despite early confusion about the technology, suppliers are developing network frameworks and apps that will make blockchain an essential part of food and pharma industries.

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At the beginning of this year, I asked the question: “Could Blockchain Solve Pharma’s Drug Supply Chain Security Act Challenges?” Fast forward nine months, and, considering new research, proof of concept studies and product offerings for manufacturing, it appears the answer is, “yes,” we have entered the age of blockchain in the supply chain. And it could solve pharma’s regulatory mandates—as well as be a fit for every industry segment requiring more trust in the supply chain.

According to the Blockchain Research Institute, an organization whose founding members include IBM, SAP, Nasdaq, Deloitte, PepsiCo, FedEx, and blockchain pioneers, like Nuco, just to name a few, blockchain as an Industry 4.0 technology. In the simplest terms, the Institute defines blockchain as the second generation of the digital revolution that creates the “Internet of Value,” a way of building digital relationships that will reshape the way in which we do business.

This month, the Blockchain Research Institute released a case study on electronics manufacturer Foxconn, which has been experimenting with blockchain technology using advanced cryptographic techniques and decentralized networks to build a trusted relationship among its suppliers, partners, factories and customers. The study also explores what Foxconn calls “Chained Finance,” to manage payments and solve a number of integration issues. According to the report, it appears that Foxconn is successfully leveraging blockchain technology as a tool for the movement of money, goods and agreements.

So, while Foxconn may be on the forefront of building a solid blockchain infrastructure, there are things every manufacturer should know before following in their footsteps. Specifically, be aware of what blockchain can—and can’t—do.

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