While the rise of blockchain technology is most closely associated with cryptocurrencies and other financial service products, its potential application is more wide-ranging.
A recent report by Deloitte highlights the potential benefits of using blockchain in maintaining the integrity of a supply chain. The report outlines that blockchain could enable detailed traceability of supply chain materials, such as the ingredients of pharmaceutical drugs. Full traceability of materials allows any breakdown in the supply chain to be identified, protecting the end consumer from counterfeit products and lowering losses from counterfeit and gray market sales.
The use of innovative technology like blockchain has the potential for being of real benefit in assisting brand owners and others in combatting the rise of counterfeit goods and in protecting consumers.
A blockchain supply chain can help participants record price, date, location, quality, certification, and other relevant information to more effectively manage the supply chain.