Utilizing Cryptography in Supply Chain & Procurement
Cryptography is the technology that powers online encryption, digital authentication, credit card processing, and online banking. Even if you’re not familiar with the technology, you likely rely on cryptography on a daily basis. Now, with the rise of cryptocurrencies and blockchain technology, cryptography may become even more important in the supply chain. In procurement and logistics, cryptography and blockchain technology could help to improve transparency and build trust between third parties. Transparency and trust are more important than ever for supply chain professionals. Customers want more information about the goods they buy, including where they come from and how they were transported. As the supply chain becomes more complex, establishing trust between parties responsible for different aspects of logistics can become more challenging. At the same time, supply chain operations of all kinds face a range of emerging cybersecurity threats. Cyberattacks are on the rise and hackers seem to be targeting companies that manage logistics and procurement more and more often. A successful attack can have serious consequences. Already, major businesses, like Expeditors, have fallen victim to cyberattacks that took key company systems offline – slowing global operations and likely costing millions of dollars.