Webinar on Blockchain Driven Supply Chain Management
Dr. Shujaat Mubarik, Dean CBM conducted a webinar on Blockchain Driven Supply Chain Management on Saturday, September 25, 2021. The session was moderated by Ms. Juveria Baig. This webinar was the first among a series of many to be conducted under the banner of the Disruptive Future series by IoBM’s Entrepreneurship and Management Excellence Center (EMEC).
During the webinar, Dr. Mubarik shared in detail the quality of the business processes in relation to blockchain, supply-chain traceability, and the various attributes of the blockchain. He touched upon the security measures implemented with blockchain. He shared the example of shipping logistics. It includes a bill of lending that is dispatched from party A to party B. The same action will be taken in blockchain virtually without delay as compared to the physical transfer that takes time. He added that the e-file is actually the copy of the original file being sent to the receiver.
A UK-based freight tracking company with the help of blockchain has developed a system. Several companies across the world have done the same. Examples suggested that shipments on the port requiring a weeks’ time for clearance can be cleared in less than a day through blockchain. A major problem for companies performing import-export will use blockchain to make the processes traceable, transparent, and secure. When speaking about infrastructure, Dr. Mubarik said that blockchain can be adopted with marginal improvements in infrastructure. He also said that companies can implement blockchain in existing ERP systems. Financial transactions and supply chain management can be improved if all companies begin using blockchain technologies. He anticipated that companies that adopt blockchain technologies will become cost-effective and will have a competitive edge. He emphasized that companies in Pakistan need to look at how blockchain technologies will impact the business industries and their processes. He advised that companies need to look at the strategic aspects of this technology.
When touching upon predictability and sustainability, Dr. Mubarik said that companies need to map the suppliers through tier one to the maximum level of suppliers on the map. Real-time tracking will also be helpful to maintain and sustain this mapping. This will help companies predict any disruptive events. Dr. Mubarik added that to learn about blockchain technologies people can study reports by McKinsey, Deloitte, Harvard Business Review. They have been sharing in-depth reports on this technology.