Professional Documents
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Constraints of Blockchain Technology
Constraints of Blockchain Technology
Constraints of Blockchain Technology
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.Blockchain technology is an innovative technology that has the potential to transform various
business models. Walmart, being one of the largest retailers in the world, can
leverage this technology to revolutionize its business operations. However, there
are various constraints, threats, and opportunities related to the incorporation of
blockchain technology in Walmart's business operations.
The adoption of blockchain technology in the supply chain is still relatively new and untested,
making it vulnerable to threats such as hacking, technical glitches, and outages.
Blockchain technology relies on peer-to-peer networks and consensus
mechanisms that may be vulnerable to malicious attacks. Any potential security
issues with the technology could negatively impact Walmart's supply chain
operations.
Blockchain technology provides opportunities for Walmart to improve its supply chain
operations. Walmart's supply chain suffers from issues such as inventory
management, product tracking, and quality control. Implementing blockchain
technology into its supply chain operations can help Walmart achieve greater
transparency and traceability, by tracking and recording product movements in
real-time. Blockchain-based databases provide a single, tamper-proof record of
transactions that can be used to track inventory and verify product location,
reducing the risk of inaccuracies and theft.
Blockchain technology can also enhance Walmart's public image by demonstrating transparency
in its practices, including sourcing and supply chains. Walmart's customers and
shareholders are becoming increasingly concerned with corporate social
responsibility, and blockchain technology can help the company demonstrate that
it is acting ethically and with consideration for the environment, social impact,
and labour practices.
Conclusion
References
J. Begos, “Blockchain Technology: An Overview,” Journal of Library Technology, vol. 37, no. 2,
pp. 1–15, Mar. 2017.
P. Rosenblatt and M. Neg, “The 5 pitfalls of implementing blockchain for supply chain,” Supply
Chain Dive, 22-May-2020. [Online]. Available:
https://www.supplychaindive.com/news/the-5-pitfalls-of-implementing-
blockchain-for-supply-chain/578103/. [Accessed: 11-Oct-2021].