The positive impact of continuous IoT-enabled connectivity on supply chains
The Continuously Connected Supply Chain revolves around one single solution: attaching a discreet IoT device that tracks goods in real-time, transmitting critical data such as temperature and location, allowing for an alert or notification to be sent the moment any of the necessary parameters cannot be met.
Currently, only vehicles and shipping containers connected through GPS trackers give any oversight of where items are at different points in the journey. But thus far the tracking of individual goods has yet to materialise; without access to this real-time data, inbound goods can be easily decoupled from outbound. In the absence of individual product tracking some businesses also become victim to criminal activity and miss the opportunity to take corrective measures through the rapid responses or systemic changes that tracking through IoT permits.
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How the need for secure supply chains is propelling blockchain
Blockchain technology can be used to create digital records, such as certificates, public registers, or agreements, which can be stored, shared, and amended online. As products or materials change hands, records can be added, inspections and deliveries can be logged, and payments can be automated. Anything that happens to these records can be automatically documented and encrypted for security: showing amendments made, and who sent or exchanged them. There’s no need for a third party, such as a bank or a regulator, to verify these actions because it’s a shared process, secured by cryptography. Organizations can pinpoint fraud or contaminants with speed and accuracy. The technology can also be used to issue warnings about inconsistencies or trigger an automated dispute.