This video summarizes a year-long research project investigating blockchain's application in supply management, focusing on its impact on purchasing and procurement. The researchers discuss the key elements of blockchain technology and how it facilitates improvements for businesses.
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we just finished a year-long research project looking at how blockchain applies to Supply Management how does blockchain impact purchasing and procurement and it's been a really interesting study the researchers were myself I'm professor of logistics and supply chain management here at Arizona State University Todd Taylor who's a professor of practice here Raymundo Beristain Barajas who is a business analyst at Anu blockchain company suite bridge and dr. Thomas choy who is the Fearon chair here at ASU and the director of Capps research blockchain is a set of technologies that have been combined together the technologies aren't necessarily new but they're combined in a way that really facilitates some interesting things for businesses so one of the key elements is distributed computing and distributed Ledger's where basically you have a set of identical Ledger's it's almost like a spreadsheet you can think of on a bunch of different servers now it could be they're all on one server but they're split into their virtual servers but you you have all of these Ledger's are updated at the same time consensus validation where everybody that's in the blockchain agrees on what information is going to be updated so there's a consensus among all the members and cryptographic security you've got smart contract code and chain code for workflow automation so these are like rules built into the blockchain that execute based on agreed upon relationship and then digital currency or tokens that move through the through the blockchain the state of technology right now we mostly hear about public blockchains like Bitcoin some of those and what we're gonna mostly think about in Supply Management are private blockchains where they're they're not just open to the public whoever wants to mine a Bitcoin but rather their permissions they incorporate privacy and confidentiality measures and you've got channels or sidechain functionality where you can actually execute these you know in a business setting well how are is blockchain going to be applied in supply management these are all areas that we talked about in the new report you know blockchain really helps you realize the dream of many Supply Management professionals where you're thinking I wish everybody was working off of the same information
