What is blockchain technology ?
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and
cutting costs for all involved.
Blockchain for supply chain solutions
Supply chain data is not always visible, In times of disruption, this matters more than ever.
Blockchain for supply chain solutions helps supply chain leaders use data to handle the disruptions of today and build resiliency for the future.
Weexa supports and enables supply chain partners so they can share trusted data through permissioned blockchain solutions.
Blockchain types
Public blockchain: Permissionless
Open network
Free access
No permission
Shared ledger
Full transparency
Private blockchain : Permissioned
Closed network
DLT authority
On permission
Shared ledger
Full transparency
Blockchain technology strengths
Efficiency
The blockchain is managed by users 24 hours a day.
Without intermediaries, transaction times are significantly reduced compared to traditional practices (banks, government, etc.). Block validation, in most cases, is instantaneous.
Another important point: the absence of an intermediary enables cost efficiencies (financial costs, control costs) and any errors, such as duplicates.
Traceability
Within the chain, no information can be deleted. Each node* in the network has a full copy of the blockchain registry. So it’s a stable system of data traceability.
*A node is a machine that is part of a peer to-peer network. It is a device that connects into the blockchain network.
Security
The blockchain system remains inviolable, Cybersecurity being a major issue, this characteristic is one of the main advantages of the blockchain.
Some areas of the blockchain
Health
Oil and gas
Retail
Financial services
Supply chain
Telecommunications
Blockchain technology benefits
Homogenize the data
Different partners often have different versions of purchase, sales or payment documents (orders, invoices…).
Blockchain technology makes it possible to homogenize information and documents, thus avoiding a waste of time for the parties involved.
Each party involved in the exchange therefore has the same data.
Automation and streamlining of purchasing processes
With Blockchain technology , «smart contracts» can be built.
When the conditions chosen by the different parties are met, these contracts automatically execute their terms and conditions for invoices, deliveries, payment validations…
Reduce delays and costs
Simplify shared processes, increase accountability, reduce litigation and automate synchronization tasks thanks to Blockchain technology.