The automotive industry is moving quickly towards an era of intense change. In fact, the future of this industry will be starkly different from that of today and will soon be more than just an industry about vehicles. However, the current industry landscape is exposed to certain challenges such as counterfeiting, lack of transparency, inefficient recall management and more. These challenges have pushed businesses to fine-tune their supply chain strategies and operations, as an optimized supply chain can prove to be a critical element that can set businesses (automakers) apart from their competitors.
On a cold November morning in 2012, agents of the U.S. FDA (Food and Drug Administration) paid a surprise visit to ‘Castle Cheese Inc’ – a cheese factory based out in rural Pennsylvania. The company that was till then known for selling 100 percent real parmesan to some of the most renowned grocery chains was found to use substitutes and fillers such as wood pulp in their product. What followed next was an untold story of fraud and deceit about a company that had been known for manufacturing and distributing safe, healthy and honest product for almost a century.
In the words of Winston Churchill “Responsibility is the Price of Greatness”
Firms and businesses have a similar responsibility, as well as commitment towards the social and economic development of their stakeholders, community and the society at large. In fact, the practice of CSR or Corporate Social Responsibility as a business model has evolved from being a slogan that was considered trendy by some firms to the current era where it has become more of a business requirement rather than just an option.
The Life Sciences or Pharmaceutical industry has been struggling to deal with the challenges related to drug counterfeiting and ineffective supply chain management. Apart from this, it is also combating the high cost of bringing new drugs to the market, along with new standards. As a result, preventing theft, counterfeiting and forgery, while minimizing cost and improving compliance has become the utmost priority for pharmaceutical and biotech companies. To remain competitive, businesses require adopting a game-changing technology that can resolve most, if not all the current issues associated with compliance and traceability.
Although Bitcoin got introduced in the market in the year 2011, it was 2015 when it reached the popularity and identification. It was the same year when the underlying technology- Blockchain caught the attention of the experts and the revolution of exploiting its potential started. Before this, Blockchain got recognised as just another data structure supporting an emerging trend, but in reality, it encapsulated great technology and promises of a tech-driven future.