In this article
- While blockchain is often mentioned for financial purposes, locating a product within the supply chain is one of thousands of ways blockchain technology can solve business challenges.
- Because blockchain technology can significantly improve business processes, HPE continues to see businesses in a variety of industries investing heavily in blockchain solutions.
- Companies must navigate challenges such as scalability, transaction latency, enterprise readiness and finding staff with blockchain and smart contract expertise.
After a case of food contamination is reported, everyone is involved — the company producing the products, stores, regulators and consumers. But with thousands of possible stores carrying the products across the country, it can be challenging to find the exact can or box that will make someone sick. Every hour it takes to locate the products means that another person may get ill.
By using blockchain technology, regulators and companies can see an exact ledger of the supply chain to find the source of foods causing harm and quickly remove the products from the shelves. With blockchain, they have a sequential history of the location of the products that is shared between parties but is unalterable — meaning it represents one version of the truth. Not only does it save time, but the companies or stores cannot alter the record after the fact to cover up the problem.
While blockchain is often mentioned for financial purposes, locating a product within the supply chain is one of thousands of ways blockchain technology can solve business challenges. Because blockchain technology can significantly improve business processes, HPE continues to see businesses in a variety of industries — healthcare, financial, manufacturing, technology, retail, consulting, regulators, agencies, governments and central banks — investing heavily in blockchain solutions.
Smart contracts—a blockchain enabler—and Distributed Ledger Technology (DLT) – of which blockchain is one example—are both gaining popularity as the technology’s adoption increases.
- Distributed Ledger Technology – DLT lets companies distribute the blockchain ledgers to all involved parties, such as suppliers, intermediaries and customers, at the same time. Because everyone has the same data, DLT improves communication, prevents double counting of assets and improves auditing and compliance.
- Smart Contracts– Recording the contract in computer code, smart contracts use blockchain technology to automatically execute the contract when predetermined conditions are met. Companies then transfer the transaction details into the ledger for a secure, sequential and immutable record of the transaction.
Many companies are still working to find the opportunities and use cases for blockchain technology within their business. Because the technology is still emerging, companies must also navigate challenges such as scalability, transaction latency, enterprise readiness and finding staff with blockchain and smart contract expertise.
HPE partnered with IDC to publish the Driving Business Transformation with Blockchain whitepaper to help companies successfully use blockchain to improve their business. The whitepaper helps business decision makers find opportunities and overcome challenges of using both DLT and smart contracts in their industry. To learn how to get started today using DLT and smart contracts to solve business challenges, download the Driving Business Transformation with Blockchain whitepaper.