Blockchain technology, most commonly associated with digital finances and the cryptocurrency industry, is being explored for various uses worldwide. Warehousing could be one of the industries that may feature the use of blockchains in the future.
Blockchain is described as:
“a decentralized, digital ledger technology used to record transactions across multiple computers in a secure and tamper-resistant manner.”
It serves as a secure method for transmitting information between different locations. Blockchain was not originally designed for warehouse management purposes, however, it holds potential for future use in the warehouse.
In a typical workflow, order details are relayed to pickers equipped with pick and pack trolleys to assemble items for packing. Internal communications of this nature do not need blockchain technology, but blockchain could significantly impact inventory management by storing communications and data used by various organisations involved such as manufacturers, retail partners, transport companies, distribution centres and suppliers. Blockchain allows for universal access for all involved organizations, whilst denying access to outside persons.
The data stored on a blockchain can be used to accurately forecast demand and prevent out of stock items. By granting manufacturers and suppliers access to real-time customer sales data, future demand could be accurately predicted, enabling proactive restocking measures to be taken before inventory levels reach critical lows.
Blockchain technology may be especially useful for monitoring perishable goods which are wasted if they exceed their sell by date.
Although still in its early stages, blockchain implementation in warehouse operations has the potential to revolutionize inventory management and transportation tracking.
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