Blockchain Technology for Sustainable Supply Chains

Blockchain
is
a
disruptive
technology
that
has
been
adopted
across
various
sectors
in
multiple
organizations.
Some
of
the
most
notable
benefits
of
blockchain
technology
include
reduced
costs,
enhanced
sustainability
and
better
transparency.
The
reliable
traits
of
blockchain
technology
such
as

smart
contracts,
immutability
and
transparency
support
the
development
of
trustless
environments.
The
discussions
about
blockchain
supply
chain
sustainability
use
cases
revolve
around
possibilities
for
restructuring
complete
supply
chains
to
encourage
sustainability.

For
a
long
time,
supply
chain
stakeholders
focused
primarily
on
the
economic
benefits
without
paying
heed
to
environmental
degradation.
The
concept
of
sustainable
supply
chains
emerges
from
the
concerns
of
government
organizations,
customers
and
regulatory
bodies.
Let
us
learn
how
blockchain
can
play
a
crucial
role
in
shifting
the
attention
of
supply
chains
from
economic
to
environmental
and
social
responsibilities. 

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Understanding
the
Meaning
of
Sustainable
Supply
Chains

The
ideal
approach
to
learn
about
the
role
of
blockchain
in
sustainable
supply
chains
might
seem
to
be
focused
on

blockchain
applications
that
improve
sustainability.
You
can
pick
up
a
blockchain
in
supply
chain
case
study
to
understand
the
impact
of
blockchain
on
different
supply
chain
operations.
On
the
other
hand,
you
must
understand
the
meaning
of
a
sustainable
supply
chain
to
discover
the
best
ways
to
use
blockchain
for
improving
sustainability.

Sustainable
supply
chains
follow
important
conditions
for
environmental
responsibility
and
adopt
ethical
initiatives.
The
most
crucial
trait
in
sustainable
supply
chains
is
transparency
of
all
processes
from
sourcing
of
raw
materials
to
product
returns
and
recycling
processes.
Another
notable
aspect
of
sustainability
in
supply
chains
is
the
assurance
of
compliance
with
ethical
practices. 

You
must
also
learn
about
the
important
sustainability
benchmarks
to
measure
the
impact
of
blockchain
on
supply
chain
sustainability.
The
notable
sustainability
benchmarks
for
supply
chains
revolve
around
environmental
responsibility,
human
rights,
labor
practices
and
corruption.
Sustainable
supply
chains
offer
promising
advantages
to
businesses
such
as
enhanced
control
over
costs,
reduction
of
vulnerabilities
and
effective
risk
management.
Most
important
of
all,
organizations
working
with
sustainable
supply
chains
can
build
stronger
brand
reputation
and
earn
the
loyalty
of
customers. 

Discover
the
transformative
impact
of
blockchain
on
supply
chain
management
with
our

Enterprise
Blockchains
and
Supply
Chain
Management
course.
Gain
insights
into
the
fundamentals
of
supply
chains
and
learn
how
blockchain
creates
value
across
the
entire
process.

Exploring
the
Significance
of
Blockchain
in
Sustainable
Supply
Chains

Blockchain
technology
has
gained
recognition
in
various
industries
such
as
governance,
education,
healthcare
and
logistics.
Interestingly,
the
supply
chain
industry
has
also
been
one
of
the
top
contenders
among
industries
that
embraced
blockchain.
The
requirements
for
sustainable
supply
chains
emphasize
increased
accountability
of
businesses
for
their
environmental
and
social
actions. 

The
use
of
blockchain
technology
in
supply
chain
operations
will
improve
transparency.
It
is
important
to
note
that
supply
chain
sustainability
is
not
all
about
obtaining
feedback
on
sustainable
practices
from
suppliers.
Is
there
any
way
to
prove
that
suppliers
genuinely
follow
sustainable
supply
chain
practices?
Traditional
methods
for
tracking
supplier
performance
involved
using
paper
records
and
audits
that
can
be
manipulated.
On
top
of
it,
the
fragmentation
of
supply
chain
data
created
problems
for
some
suppliers
to
gain
complete
transparency.

Blockchain
can
help
in
improving
supply
chain
transparency
by
addressing
many
existing
challenges.
Every
stakeholder
in
supply
chains
can
receive
information
about
activities
in
the
supply
chain
with
an
immutable,

decentralized
ledger.
The
ledger
or
the
record
would
be
available
to
all
stakeholders
in
the
supply
chain
network
and
provide
information
about
journey
of
products.
Some
companies
have
also
used
blockchain
to
improve
supply
chain
transparency
thereby
enhancing
product
tracking. 

Notable
Stakeholders
in
Blockchain-Powered
Supply
Chains

The
insights
on
use
of
blockchain
technology
for
powering
sustainability
in
supply
chains
focus
on
the
involvement
of
stakeholders.
You
can
use
any
blockchain
in
supply
chain
example
to
discover
the
inclusion
of
new
participants.
New
stakeholders
in
the
supply
chain
can
collaborate
with
each
other
to
develop
a
network
that
can
encourage
the
transparent
movement
of
products
through
the
supply
chain.
The
following
stakeholders
in
blockchain-powered
supply
chains
serve
unique
contributions
to
achieve
sustainability.

• 
  Registrars 

The
foremost
addition
among
stakeholders
in
sustainable
blockchain-based
supply
chains
are
registrars
or
gatekeepers
of
the

blockchain
network.
Registrars
are
responsible
for
providing
distinct
identities
to
participants
in
the
supply
chain
blockchain
and
recording
new
data
or
transactions.
The
responsibilities
of
registrars
also
involve
data
verification
before
adding
information
to
the
blockchain. 

• 
  Standard
  Authorities 

Standard
authorities
are
also
an
important
part
of
blockchain-powered
sustainable
supply
chains.
The
responsibility
of
standard
authorities
revolves
around
establishing
industry-centric
protocols
and
best
practices
for
supply
chain
operations.
With
the
help
of
standards,
stakeholders
can
find
a
uniform
view
of
rules
across
the
supply
chain.
Standardization
plays
a
major
role
in
reducing
non-compliance
and
other
regulatory
discrepancies. 

• 
  Certification
  Authorities 

Certification
authorities
or
certifiers
help
with
verification
of
authenticity
of
products
and
people
in
the
supply
chain.
The
work
of
certifiers
focuses
on
digitally
signing
product
attributes,
ethical
practices
and
manufacturing
processes.
Registrars
look
up
to
certifiers
for
proof
of
data
authenticity
before
documenting
new
information
on
the
supply
chain
blockchain.
The
immutable
record
of
certifications
provided
by
credible
authorities
can
help
stakeholders
and
consumers
make
the
most
effective
decisions. 

Agents
in
blockchain-based
supply
chains
are
the
participants
responsible
for
production,
distribution
and
consumption
of
goods.
Some
of
the
most
important
agents
that
you
can
find
in
a
supply
chain
include
manufacturers,
suppliers,
distributors,
retailers
and
customers.
Registrars
and
certifiers
have
to
verify
agents
on
the
supply
chain
blockchain
to
ensure
credibility
for
the
overall
network. 

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Advantages
of
Blockchain
for
Sustainable
Supply
Chains 

The
effect
of
blockchain
on
sustainability
in
supply
chains
follows
a
structured
approach
like
the
organization
of
participants
in
blockchain-based
supply
chains.
Blockchain
offers
a
wide
range
of
advantages
in
supply
chain
management
with
its
unique
traits.
The
answers
to
questions
like
‘How
blockchain
can
help
in
supply
chain
sustainability?’
focus
primarily
on
the
benefit
of
enhanced
transparency.
In
addition,
you
must
note
the
following
advantages
of
using
blockchain
to
create
sustainable
supply
chains.

• 
  Freedom
  from
  Illegal
  Business
  Practices

Blockchain
creates
an
immutable
and
transparent
trail
for
monitoring
every
activity
in
supply
chains.
The

benefits
of
blockchain
help
in
improving
sustainability
by
reducing
the
circulation
of
counterfeit
goods
and
unethical
practices. 

Traceability
throughout
the
supply
chain
is
possible
only
through
blockchain,
which
helps
in
maintaining
compliance
to
crucial
legal
standards.
Companies
and
consumers
can
rely
on
blockchain-based
supply
chains
to
ensure
safety
from
illegal
business
practices
and
counterfeit
products.

• 
  Enhancements
  in
  Operational
  Efficiency

Blockchain
also
serves
a
promising
enhancement
to
supply
chains
through
automation
of
different
processes
in
supply
chain
management.
You
can
use
a
blockchain
in
supply
chain
case
study
to
discover
the
ways
in
which

smart
contracts
can
help
with
automation
of
financial
transactions.

Blockchain
also
provides
real-time
visibility
of
inventory
levels
and
demand
patterns
alongside
other
important
data
required
to
make
informed
decisions.
With
lower
risks
of
misinformation,
you
don’t
have
to
worry
about
the
time-consuming
processes
for
mediation
between
stakeholders. 

• 
  Prove
  Your
  Sustainability
  Performance 

Another
interesting
outcome
of
using
blockchain
in
supply
chain
management
is
the
assurance
of
proving
your
performance
in
sustainability.
Almost
every
organization
can
claim
that
it
follows
sustainable
practices.
Blockchain
helps
you
enhance
credibility
of
such
claims
by
providing
an
immutable
record
of
information
about
materials
across
different
stages
of
the
supply
chain. 

Blockchain-powered
supply
chains
can
also
record
data
about
various
processes
and
certifications
associated
with
the
product.
The
data
on
blockchain
networks
creates
verifiable
records
of
your
efforts
to
improve
sustainability,
thereby
proving
your
commitment
to
environmental
responsibility.

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Examples
of
Using
Blockchain
for
Sustainable
Supply
Chains

The
advantages
of
incorporating
blockchain
technology
in
supply
chains
to
improve
sustainability
prove
the
potential
of
blockchain
as
a
futuristic
technology.
You
can
use
blockchain
in
supply
chain
example
cases
as
references
to
determine
the
effectiveness
of
blockchain
in
achieving
supply
chain
improvements.

One
of
the
most
popular
examples
of
using
blockchain
in
supply
chain
management
is
that
of
Walmart
Canada.
The
leading
retailer
used
blockchain
to
create
a
uniform
network
for
invoice
management
and
achieved
significant
reduction
in
discrepancies. 

Walmart
has
also
established
another
notable
benchmark
in
food
safety
with
the
use
of
blockchain
technology.
Blockchain
helps
in
documenting
information
about
a
product
at
all
stages
of
its
journey
from
farm
to
store
shelves
and
then
to
your
dinner
table.
Walmart
uses
IBM
blockchain
technology
to
improve
product
traceability
and
earn
the
trust
of
consumers. 

Unilever
also
presents
another
perfect
example
of
using
blockchain
to
improve
supply
chains.
The
company
uses
blockchain
technology
to
verify
whether
products
in
its
supply
chain
have
been
sourced
ethically. 

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Final
Thoughts  

Blockchain
technology
has
emerged
as
one
of
the
foremost
technological
trends
with
the
ability
to
introduce
strategic
changes
across
industries.
You
can
notice
that
blockchain
has
the
essential
traits
required
to
revolutionize
supply
chain
operations.
For
instance,
the
assurance
of
complete
transparency
with

applications
of
blockchain
technology
in
supply
chain
operations
can
make
supply
chains
more
visible.

The
implementation
of
blockchain
technology
to
create
sustainable
supply
chains
also
involves
revision
of
the
roles
of
supply
chain
stakeholders.
Examples
of
big
companies
such
as
Walmart
embracing
blockchain
technology
to
improve
their
supply
chains
can
encourage
more
companies
to
follow
suit.
Discover
new
insights
on
the
different
ways
to
use
blockchain
in
supply
chain
management
right
now.