Supply chain is changing with the COVID-19 world and is putting things in a new terrority. There is significant pressure for supply chains to create and deliver products in new ways, and blockchain technology is playing a critical role in bringing transparency and visibility.
Today, “source locally”, is a common phrase from businesses, with many of them rethinking their supply chain design to respond to the shift from this pandemic, and to buy locally. This will result in a restructure with widespread acceptance of blockchain technology as it enables digitalization.
This digitization is paramount to this shift. As our priorities change, literally almost overnight, it will certainly risk bottlenecks, breaks, and other disruptions. But the digitalization will drastically minimize the breakage during this transitional period.
This will become the new normal.
The ability to react to these dynamic changes quickly and with resilience and begin working in a digitized workflow is in high-demand, and blockchain technology will become the solution.
As countries and states open at different times and at varying levels, the links in the supply chain are being stressed now more than ever. It was already difficult to ensure that as the information passed from supplier to supplier to customer, that the data in the end was as accurate as it was in the beginning.
The bottom line is blockchain technology can manage this workflow across the entire supply chain process, and guarantee that the data is accurate and transparent. Every step of the process will become visible to ensure that the final product can be verified and tracked while complying with labor standards and other regulatory requirements.
How does this really affect construction though?
All principles involved in the construction project, from material suppliers, service crews, contractors and more will mutually benefit from this secure asset.
The technology will provide formality to the new supply chain arrangements. Effective management surrounding the actual procurement of resources can greatly affect the success and profitability of any construction project.
Blockchain technology will offer an array of benefits for the construction industry:
- High profit through lower costs
- Increased margins
- Better project planning and coordination
- Better responsiveness from deliveries
- Fewer defects
- Improved client satisfaction
The ability to establish great industry presence and reputation is at the industries fingertips!