The word “blockchain” has become the ultimate buzzword: From cryptocurrency to digital voting to cloud storage, nearly every industry has been touched by the technology. Retail has been slower to adopt blockchain technology, but it’s finally starting to permeate the supply chain. While most of the retail industry is just getting its feet wet, Bamboo Rose has been embracing the principles of blockchain for years, and is now poised to help guide companies in making the change and reap the benefits that the technology offers.
Thanks to efficiencies gained through technology, the supply chain is more connected than ever before. But with technology comes added complexity and the need for a single source of truth. Without a single source of truth, tracking a product’s progress along its journey – and identifying the source of holdups – can become difficult. A lack of transparency leads to finger pointing and each party viewing the other as the source of roadblocks; a single source of truth negates that possibility by providing a clear view as to where a product runs into problems and who is responsible for mitigating those issues.
Whether we’re talking about apparel, food or furniture, consumers are demanding a better understanding of the origins of the products they buy. This demand has translated to changes in the food industry specifically – movements like farm-to-table and organic sourcing have required retailers to put more emphasis on how they source, produce and label products. The trend is already starting to spill over into other areas of retail, including apparel and hardlines. Soon these brands will add QR codes that show the source of materials like diamonds, cotton and teak, for example, and that level of traceability requires a platform that can accurately pinpoint and document this information.
One of the biggest benefits of blockchain technology is its ability to validate data quickly and accurately, building trust among various members of the supply chain. Accurate data is a key component to anticipating, calculating and ultimately mitigating risk. As the risk factor decreases, trust in the relationship grows – making validation an important piece of building lasting, mutually beneficial relationships in the supply chain.
The benefits of blockchain are obvious – especially to the team at Bamboo Rose. We built transparency, traceability and validation into our platform long before blockchain became a trendy new phrase.
Schedule a demo and find out how Bamboo Rose can apply the benefits of blockchain to your business.