Blockchain and blockchain applications have caught the attention of companies of all shapes and sizes—and more companies are signaling that blockchain applications will certainly be part of their future.
Deloitte recently completed a survey to gauge how executives across a variety of industries view blockchain’s potential, and the results show that opinions are changing. More than 80 percent of executive teams who responded believe there’s a compelling business case for blockchain, up from 74 percent last year. And 77 percent of respondents believe they’ll lose a competitive advantage if they don’t adopt blockchain technology, up from 68 percent last year.
Uncertainty about the technology is being replaced by confidence. Future-focused companies now view blockchain as a potential technology that can help them solve difficult business problems in new and transformative ways.
One big misconception about blockchain is that only large enterprises can take advantage of the technology, but that’s not true. Growing, small-to-medium businesses (SMBs) can start using blockchain, too. There are not any huge barriers to entry.
Cloud applications are typically a good place for SMBs to start when looking for ways to leverage blockchain because many have limited resources to design and build custom blockchain applications.
With pre-built blockchain applications, there are two advantages for SMBs:
Lower costs. Time, money, and resources don’t need to be devoted to developing customized applications. By using pre-built applications, those development costs go away.
Lower risk. Pre-built blockchain applications can be programmed to connect and integrate with such business systems as supply chain management, enterprise resource planning, customer experience, and Internet of Things processes. SMBs don’t have to complete that integration work themselves. This lowers risk.
One application capability that SMBs can consider is track-and-trace because it allows for transparency across a network of trading partners as transactions are recorded between those partners. Members can respond quickly when something needs to change.
Consider how track-and-trace capabilities would work in a supply chain. Companies would be able to see when their products move across borders. If a SMB is responsible for growing something in a field in Nebraska that will eventually end up in China, a company can easily see how that product moves along its journey. Tracing capabilities, on the other hand, allow companies to look back to where something came from.
Both capabilities are critical to developing and establishing trust throughout a supply chain. As customers demand more transparency about their products, as well as faster action to address an issue when it comes up, companies need to be aware of what’s happening with their supply chain partners. This is especially critical for SMBs, which may depend more on partners and where it takes only one mistake to be the difference between overcoming a challenge to the business and going out of business.
Oracle offers a pre-built blockchain application that provides end-to-end visibility into supply chain networks. Oracle Intelligent Track and Trace enables companies of all sizes to see more details and facilitate supply chains by inviting trading partners to the network. When SMBs can leverage their existing technological infrastructure and partners, they can begin creating a future-ready supply chain that encourages transparency, which is key if you want to begin breaking down silos and increasing agility within your business.
Check out this video to see how Oracle Intelligent Track and Trace helps with supply chain management.
By Michael Richter, Director Product Marketing, Emerging Technologies, Oracle