CEO of Logistics for FAST Mr. Manuel Onrejas Jr. joined the prestigious Supply Chain Blockchain Mixer as a distinguished panelist alongside other thought leaders, at the IBP Tower in Common Ground, Ortigas on September 20.
Our CEO for Logistics, Manuel L. Onrejas, Jr., made a significant mark in the industry as a distinguished panelist at the Supply Chain Blockchain Mixer, where he shared his expertise and exclusive insights on how the logistics sector can be transformed by the power of blockchain technology.
With the theme, “Bridging Blockchain and Supply Chains: A New Era of Innovation”, participants left with a deeper understanding of blockchain’s potential in logistics and distribution, its role in building transparent and resilient supply chains, as well as in various industries.
This mixer is the country’s premiere blockchain event – it highlighted real-world blockchain and supply chain Philippines’ application, including traceability and decentralized finance; the challenges and considerations in integrating it into existing systems and workflows; and potential of blockchain in reshaping supply chain dynamics.
Real-World Use Cases of Blockchain in Supply Chain Process
As the attendees delved into the potential of blockchain to redefine supply chain process and explored various use cases, CEO for Logistics of FAST Mr. Manuel L. Onrejas, Jr. exemplified the pioneering spirit that is driving this revolution by drawing parallels with real-world use cases in logistics.
There are 30 to 50 physical touches [in the logistics workflow], and every touch has its own document. So, imagine collecting someone’s documents, but it goes missing because the driver loses or misplaces it…
Mr. Manny discusses how adopting blockchain technology in supply chain management can lead to investment opportunities in operations
Blockchain technology in the supply chain can serve a decentralized and secure digital ledger system that records and verifies transactions and data across a network of computers. Unlike traditional centralized databases, blockchain creates a transparent, tamper-resistant, and auditable record of every interaction within the supply chain.
With that is the potential for enhanced supply chain transparency, traceability, and trust by allowing all participants, from manufacturers and fast moving consumer goods to consumers, to access real-time information about products, shipments, and transactions.
Our trucker partners range from mom-and-pops, in a way that we let SME businesses thrive… And what we [FAST Logistics Group] are doing is we actually provide them with trips. Right now, we have 700 vendors for transport alone, and another 300 for other businesses.
So, with these thousands of vendors of ours, how can we pay them as fast as possible?
This technology has found tangible applications in supply chain management across various industries. In real-world applications, blockchain has proven its worth in enhancing transparency, traceability, and trust in supply chains. It simplifies customs processes and reduces fraud by providing real-time visibility into shipment progress.
Implementing Blockchain in Supply Chain
These tangible use cases demonstrate how blockchain is revolutionizing supply chain management across diverse industries, making operations more efficient, secure, and transparent.
With its decentralized and tamper-proof ledger system, blockchain has enabled stakeholders to have real-time visibility into the movement of goods and transactions. Thus, it helps prevent fraud, reduces errors, and ensures the authenticity of goods, ultimately improving efficiency and accountability across the supply chain.
The blockchain space provides visibility at every stage of the supply chain, parallel to that of Warehouse Management System, a sophisticated software solution powered by Honeywell™, with FAST at the forefront of this innovation, capable of managing and controlling various aspects of warehouse activities.
Smart contracts, a feature of blockchain technology, automate and enforce contract terms, streamlining payment processes and reducing disputes. Additionally, blockchain has enabled better tracking of provenance and quality of products, which is crucial for industries like in the food business and pharmaceuticals.
The moment there is an agreement digitally that a transaction is legit, the cash flow will be so fast – payments will be faster, we can pay vendors faster.
On top of its audit capability and traceability… Blockchain can do that for us.
Overall, blockchain’s impact on supply chain and logistics has led to reduced costs, minimized errors, and enhanced trust among business participants, making it a transformative force in the industry.
The Future of Blockchain Technology in Supply Chain
The adoption of blockchain technology in supply chain management is poised for continued growth and evolution, promising a future characterized by even greater efficiency, security, and innovation.
As blockchain networks mature, they will seamlessly integrate with existing supply chain systems, facilitating interoperability and data sharing among diverse stakeholders. Business smart contracts, which automatically execute and enforce agreements, will become increasingly sophisticated, streamlining processes such as payments, quality assurance, and compliance.
[Blockchain] is actually a combination of different technologies, like AI, AI Gen, and all of this other technology at play – but everyone will still be productive.
Supply chain participants will have access to rich, decentralized data sources that will empower data analytics and artificial intelligence to optimize inventory management, demand forecasting, and logistics planning. Eventually, its adoption will extend beyond large enterprises to benefit small and medium-sized businesses, fostering inclusivity and resilience in supply chains.
While challenges remain, including regulatory frameworks and environmental concerns, the future of blockchain in supply chain management holds tremendous promise, paving the way for a more transparent, efficient, and interconnected global network of trade and commerce.
A New Era of Innovation
With the key insights shared by our CEO of Logistics, Manuel L. Onrejas, Jr., FAST Logistics Group underscores its commitment to staying at the forefront of technological advancements and leveraging blockchain’s potential to enhance our logistics operations while delivering greater value to our clients.
The adoption of blockchain technology in various industries, including supply chain management, presents a promising array of business benefits, yet it also comes with a set of notable challenges and considerations. Integrating blockchain into existing systems and workflows can be complex, often requiring substantial changes and investments.
In summary, this mixer provided a unique platform for prominent industry experts and thought leaders to engage in discussions about the ongoing innovation wave that is reshaping our industry. To learn more about how blockchain technology is enhancing supplier relationships, click here.
FAST Logistics Group is the leading company in logistics and selling distribution solutions in the Philippines, with over 50 years of industry leadership. Contact our Solutions Expert to learn all about about our tech-forward solutions, or head to https://linktr.ee/fastlogisticsph
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