Learn how blockchain can help you streamline and optimize your supplier sourcing process, and compare some of the best platforms and solutions in the market.

Here are some standout options: Hyperledger Fabric: An open-source, enterprise-centric blockchain platform known for its modular architecture, offering flexibility and scalability. IBM Blockchain: A cloud-based enterprise blockchain platform equipped with an impressive array of tools and services for building and deploying blockchain applications. OriginTrail: This blockchain-based supply chain traceability platform is a beacon of transparency and traceability, making it a valuable asset in supply chain management. Chainlink: As a decentralized oracle network, Chainlink ensures secure and reliable data feeds for blockchain applications, bridging the gap between blockchain and external data sources.

Which blockchain platforms or solutions are best suited for supplier sourcing applications?

Supplier sourcing is the process of finding, evaluating, and selecting suppliers for your business needs. It can involve various activities such as market research, negotiation, contract management, quality control, and risk assessment. Supplier sourcing can be challenging, especially in complex and dynamic supply chains that involve multiple stakeholders, locations, and regulations. How can blockchain technology help you streamline and optimize your supplier sourcing process? In this article, we will explore some of the benefits and use cases of blockchain for supplier sourcing, and compare some of the platforms and solutions that are available in the market.

1 What is blockchain?

Blockchain is a distributed ledger technology that enables secure and transparent transactions among multiple parties without the need for intermediaries or central authorities. Blockchain records and verifies data in blocks that are linked by cryptographic hashes, creating a tamper-proof and immutable history of events. Blockchain can also support smart contracts, which are self-executing agreements that trigger actions based on predefined rules and conditions.

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VISHNU RAVI ✅

MBA in Supply Chain Management | Aviation & Business Enthusiast | Experienced Senior Procurement Specialist
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Here are some standout options: Hyperledger Fabric: An open-source, enterprise-centric blockchain platform known for its modular architecture, offering flexibility and scalability. IBM Blockchain: A cloud-based enterprise blockchain platform equipped with an impressive array of tools and services for building and deploying blockchain applications. OriginTrail: This blockchain-based supply chain traceability platform is a beacon of transparency and traceability, making it a valuable asset in supply chain management. Chainlink: As a decentralized oracle network, Chainlink ensures secure and reliable data feeds for blockchain applications, bridging the gap between blockchain and external data sources.

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Christian Reik

Top-Voice-LinkedIn - CDO - Head of Purchasing and Strategic Purchasing 🔋 ➡️ #Visionary & #EV-Enthusiast #Emobility #Robotics #Automation | focused on Innovation & Disruption & Start-Up & AI 💡35k+
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Smart Contracts und andere Dinge lassen sich über Blockchain einfach und digital abbilden. Ein System ist davon Simple System, mit dem man solch ein Thema ohne viel Aufwand durchführen kann. Blockchain hat ein starkes Potential in internationalen Lieferketten.

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Varendy Lumbardo

12K++ | SCM | Procurement | PPIC | Warehouse | Logistics
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Blockchain is also Transparent. Fast. And Safe nearly unhackable. It was the major things to be used as a baseline of Supplier Sourcing Basics.

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Christian Reik

Top-Voice-LinkedIn - CDO - Head of Purchasing and Strategic Purchasing 🔋 ➡️ #Visionary & #EV-Enthusiast #Emobility #Robotics #Automation | focused on Innovation & Disruption & Start-Up & AI 💡35k+
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Für Anwendungen im Bereich der Lieferantenbeschaffung eignen sich besonders Blockchain-Plattformen, die Transparenz, Sicherheit und Effizienz in Lieferkettenprozessen verbessern. Ethereum bietet durch Smart Contracts Automatisierungsmöglichkeiten für Verträge und Transaktionen. Hyperledger Fabric ist für Unternehmen attraktiv, da es modulare und skalierbare Lösungen für private Blockchain-Netzwerke bietet, was Datenschutz und Geschwindigkeit verbessert. VeChain spezialisiert sich auf Supply Chain Management und bietet Tools zur Produktverfolgung und Authentifizierung. Diese Plattformen unterstützen die Optimierung von Beschaffungsprozessen durch verbesserte Nachverfolgbarkeit und Transparenz.

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2 Why use blockchain for supplier sourcing?

Blockchain can offer several advantages for supplier sourcing, such as enhanced visibility and traceability of the supply chain, reduced costs and risks associated with supplier sourcing, and increased efficiency and collaboration among stakeholders. Blockchain can provide a single source of truth for all transactions and data related to suppliers, from identity and credentials to performance and compliance. This can enable faster and more accurate verification and audit processes, as well as eliminate the need for intermediaries. Additionally, blockchain can reduce the risks of fraud, corruption, and human error by ensuring that the data and transactions are verified and immutable. Furthermore, blockchain can automate and streamline the supplier sourcing process through smart contracts that can execute tasks and payments based on predefined criteria. Finally, it can facilitate collaboration by providing a shared and secure platform for data exchange and decision making.

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Ahmad Tahir

Technologist I @ Kano University of Science and Technology | AI Programming, Technological Solutions
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Blockchain technology, a shining beacon in supplier sourcing, revolutionizes supply chain processes. With an immutable, transparent ledger, it ensures secure, auditable supplier records, enhancing trust. Smart contracts automate agreements, streamlining procurement and expediting decisions. End-to-end traceability verifies goods' authenticity, promoting consumer trust and combating counterfeit products. Reducing reliance on intermediaries, Blockchain fosters collaboration between suppliers and buyers, igniting a new era of enchanting possibilities.

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3 How to use blockchain for supplier sourcing?

Blockchain technology can be leveraged for supplier sourcing, depending on an organization's specific goals and requirements. For instance, it can be used to verify supplier identity, credentials and reputation, evaluate performance and quality, select the best suppliers based on criteria and preferences, as well as manage the ongoing relationship and collaboration with the suppliers. Smart contracts can be used to rank and match suppliers, coordinate and execute tasks and payments, and ensure that suppliers deliver on their promises while resolving any disputes or conflicts.

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4 Which blockchain platforms or solutions are best suited for supplier sourcing applications?

When selecting a blockchain platform or solution for supplier sourcing applications, there are several factors to consider, such as scalability, interoperability, customizability, usability, and support. Examples of suitable platforms or solutions include Hyperledger Fabric, IBM Blockchain, OriginTrail, and Chainlink. Hyperledger Fabric is an open-source enterprise blockchain platform that supports private and permissioned networks and modular architecture. IBM Blockchain is a cloud-based service leveraging Hyperledger Fabric for end-to-end supply chain management. OriginTrail is a decentralized protocol that enables data sharing and interoperability among different supply chain actors. Chainlink is a decentralized oracle network that connects smart contracts to external data sources. All of these platforms or solutions can help improve the visibility and reliability of supplier sourcing processes.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Which blockchain platforms or solutions are best suited for supplier sourcing applications?

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1 What is blockchain?

2 Why use blockchain for supplier sourcing?

3 How to use blockchain for supplier sourcing?

4 Which blockchain platforms or solutions are best suited for supplier sourcing applications?

5 Here’s what else to consider

Supplier Sourcing

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Which blockchain platforms or solutions are best suited for supplier sourcing applications?

1

2

3

4

5

1 What is blockchain?

2 Why use blockchain for supplier sourcing?

3 How to use blockchain for supplier sourcing?

4 Which blockchain platforms or solutions are best suited for supplier sourcing applications?

5 Here’s what else to consider

Supplier Sourcing

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