5G technology is here with us and is already causing a lot of discussions and eliciting reactions from different industries. 5G wireless connectivity is expected to bring benefits to the supply chain through many fronts that will make processes and operations faster, easier, and more efficient. To begin with, the Fifth Generation Wireless System (5G) is a successor of 4G and will employ signal wavelengths in ranges between 30 to 300 GHz to enhance the speed of data transfer and reduce the levels of interference and interruption.

With the rising globalization of different operations from manufacturing all the way to warehousing, having a network of procurement which is capable of supporting and reacting to the needs of the supply chain is a challenge. In fact, many procurement professionals believe that selecting a supplier who is capable of providing manufacturing locations consistently and offering a reliable service is a challenge. Effective management of the supply chain enables businesses to track products and raw materials required for the manufacture of their products. It also enhances optimization of inventory levels and reduces costs which in the process lead to synchronized supply and demand.  

Managing today’s supply chain can be highly complex. Depending on the items or products involved, supply chain may involve hundreds or even thousands of stages, different geographical locations, payments, entities and even number of days. As a result of this complexity and opaqueness, many professionals believe that blockchain is the silver bullet which could transform the challenges encountered in this sector. So from this point of view, how is blockchain likely to be used in the supply chain to sort out the current challenges? Here we look at the unique characteristics of blockchain and how it can help in the supply chain.