KNOWLEDGE CENTRE: Combining NFC and RFID tags with blockchain technology makes it possible to create secure, end-to-end global supply chains that eliminate the risk of counterfeit goods entering the system, reduce management complexity and increase transparency, STMicroelectronics explains in a new white paper now available to download from the NFCW Knowledge Centre.
‘Smarter end-to-end supply chains: Combining blockchain and NFC/RFID technologies’ begins by providing background on the issues facing supply chain managers, highlighting the increased risks that the growth of ecommerce platforms and increasingly global supplier bases pose for introducing counterfeit products into the system.
It then provides an overview of how blockchain technology works and the particular advantages it can bring to supply chain management.
“Blockchain technology is ideal for dealing with counterfeits because of its ability to create unique identities for items,” the paper explains. “By using NFC or RFID technology, supply chains can create a robust link between the physical object and its digital life on the blockchain.
“This one-to-one link outlines absolute transparency and trust in the authenticity of goods.”
“Entire systems can be connected, not just supply chains with other supply chains, but also with transportation systems and financial markets,” the paper adds.
“With so much built-in intelligence, stakeholders’ abilities in supply chain management can shift from decision support to decision delegation and, ultimately, have a predictive capability.”
Readers interested in learning how NFC and RFID tags and blockchain technology can be combined to deliver next generation supply chains can download the full white paper from the NFCW Knowledge Centre.