EDI with Blockchain: new paradigm, new opportunities
Supply chain systems traditionally exchange data through EDI standards. However, there’s a new kid on the block: Blockchain!
Blockchain will be for data interchange what the internet’s TCP-IP protocol was for the intercommunication of computers: a common, practical, and trusted way of exchanging and storing information.
So, what can blockchain bring to supply chain and logistics?
Ensuring Data Integrity:
Each transaction recorded on the blockchain is immutable and timestamped, which can prevent data tampering and ensure the integrity of EDI messages.
Enhancing Security:
Blockchain's cryptographic nature ensures that EDI data exchanges are secure from unauthorized access.
Reducing Intermediaries:
Blockchain can reduce or eliminate the need for third-party EDI service providers, allowing direct and transparent exchanges between parties.
Smart Contracts:
These could automate EDI transactions, such as order fulfillment and invoicing, when certain conditions are met, reducing manual processes and errors.
Traceability:
With blockchain, every step of the logistics process can be tracked, providing full visibility into the supply chain.
Blockchain technology offers a decentralized and secure environment for transmitting business data.
Sensefinity platform has a blockchain offer based on IBM Hyperledger technology. The blockchain can be used as an EDI hub. Sensefinity’s trackers and sensors act as oracles feeding the blockchain with traceability and sensing information from the world (e.g., food, certified origin).
If you have a supply chain and logistic ecosystem that could benefit from blockchain and sensors and trackers oracles and want to discuss it, research possibilities, and identify opportunities, let’s talk! A 1/2 hour virtual meeting. No strings attached!