Blockchain could unlock full digitization in the supply chain

The rise of blockchain is occurring quickly as the technology gains a great deal of attention in a variety of sectors. The supply chain is one of the most prominent areas for blockchain discussions. The reason for this emphasis is simple enough: Many organizations end up in a situation where they lack full visibility into the supply chain, despite extensive digital investments. Firms need leaders who understand the full potential of blockchain and similar technologies so they can refine their processes effectively and stay ahead in the marketplace.

How could blockchain transform the supply chain?
One of the most important things to understand about the current blockchain market is that it is about much more than a new technology getting hype. Sometimes, it takes years for solutions with far-reaching implications to see enough adoption to actually be disruptive. That doesn't seem to be happening for blockchain.

In a Forbes report, industry expert Steve Banker explained that he has actually been surprised by how close the blockchain sector is to reaching maturity. Recently, Banker has been a proponent of being more bearish on the technology and trying not to get caught up in all the hype. Then he went to an event with speakers from IBM, Oracle and SAP. By the time Banker left the discussion, he was realizing that blockchain is fairly mature and companies should be careful not to consider blockchain and Bitcoin inextricably linked. As such, while many businesses may not be ready for Bitcoin, they may be in a good place to start implementing blockchain solutions. The digital ledger platform is much closer to the big time than initially thought.

"Be careful not to consider blockchain and Bitcoin inextricably linked."

This point of view is apparent in a Digitalist Magazine report that emphasizes a very simple and strategic role blockchain can already play in the supply chain: closing up digital gaps. In many instances, businesses have digitized their own operations, but have areas where they lack visibility into third-party data. Blockchain could slide into these analog processes and provide the complete transparency organizations need.

Blockchain's evolution highlights importance of leadership
Identifying the difference between hype and actual readiness for use ultimately boils down to whether a business's leaders can identify a strong reason to implement technology and understand how it fits in that part of the organization. If your executives don't understand the major solutions shaping the enterprise today – not to mention in the near future – then your company could end up falling behind. Let us help. YES Partners provides executive recruiting services focused on helping organizations that need C-level staff with specialized technology knowledge.

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