“Target” is known as one of the most prominent and largest companies in the world, covering 50 US states with its services. It was established way back in 1902 and it is not only still standing strong, but it is accompanying the new trends in running business as well.
The media was attracted to the add which appeared on their web site, in the career section, that stated they were looking for blockchain engineer and a systems developer. Moving a business onto a blockchain is becoming a necessity, especially for large companies doing businesses worldwide. “Target” has apparently kept this news a secret for some time. They can now present their blockchain initiative “ConsenSource”, which will reportedly be used in the supply chain management process.
Since last year the development of “ConsenSource” has reportedly been accelerated and can now support the Hyperledger Grid Project, or to explain it simply – the framework (or ecosystem, if you will) for supply chain solutions. For retailers, as well as for wholesalers, using this system in reality means ability to track the following information related to items:
- Product
- Identity
- Location
- Certification
“Target” is not the first company to accept blockchain in supply chain management. So far, we have seen companies like Walmart, Starbucks and even Louis Vuitton taking the plunge into the new era of supplying products.
The advantages of taking this step include less paperwork and more reliable data, just to start with. Maybe even the most important advantages are lowering the costs of management and diminishing the possibilities for making errors – which eventually results in building stronger bonds with consumers. And we all know that quality and image are crucial.
Furthermore, the quality of goods is justified and confirmed by the ability to track the exact origins of goods, as well as each step in the production, from raw materials, to distribution, managing, certification, and even the second-hand markets.
The impact this new wave has on a global level is visible today in the way other companies from different industries are exploring their opportunities in blockchain management. We have seen it in British Airlines, Maersk, and FedEx for example.
Do you think this trend of accepting blockchain in supply management process will take its course and become mainstream?
