CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Human Resource
  • InsurTech
  • Machine Learning
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Software Testing
×
#

CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

Subscribe

loading
  • Home
  • Blockchain
Editor's Pick (1 - 4 of 8)
left
A Closer Look at Block Chain Technology

A Closer Look at Block Chain Technology
John Shea, CIO, Eaton Vance

Don't Start With Blockchain

Don't Start With Blockchain
Eric Redmond, Director of Global Technology Innovation, Nike [NYSE: NKE]

Blockchain: the path forward

Blockchain: the path forward
Kyle Culver, Director, Emerging Technologies, Humana [Nyse: Hum]

Blockchain to Revolutionize the Financial Industry

Blockchain to Revolutionize the Financial Industry
Safwan Zaheer, Director, Financial Services Digital & Head of FinTech, KPMG US

Riding the Blockchain Wave: Challenges and Opportunities

Riding the Blockchain Wave: Challenges and Opportunities
Eric Piscini, Principal Global Blockchain Leader, Deloitte

Blockchain Community Leader, I am part of the Innovation & Digital Transformation team that runs innovation initiative for CACIB

Blockchain Community Leader, I am part of the Innovation & Digital...
Xavier Laurent, Blockchain Community Leader for Credit Agricole CIB

Blockchain: The Paradox

Blockchain: The Paradox
Sean Khozin, MD, MPH, Associate Director, FDA

Blockchain, the real benefit behind the technology

Blockchain, the real benefit behind the technology
Rebecca Hofmann, Manager of Innovation, Equinor Chairman, OOC Blockchain Consortium

right

Thank you for Subscribing to CIO Applications Weekly Brief

How Deploying Blockchain Raises Supply Chain Efficiency

By CIO Applications| Monday, February 10, 2020
Tweet

Deploying Blockchain Raises Supply Chain EfficiencyDeploying blockchain-based applications in the supply chain helps in reducing operational costs and increasing efficiency. 

FREMONT, CA: The supply chain includes a complex network of segments and methods involved in passing a product from supplier to customer. Due to the multiple entities involved in the supply chain, it isn't very easy to keep transparency in the product delivery life cycle. The necessity of clear communication across the various segments is another aspect where supply chain lags. Blockchain technology promises to address the above problems effectively.

Blockchain can offer valuable contributions to any form of arrangement, exchange, and tracking process. The decentralized nature of blockchain permits it to prepare several copies of a transaction, so any attempt to forge requires the tampering of all the nodes across the huge network. Thus, blockchain significantly enhances the transparency in supply chain transactions. Each supply chain gets saved on a digital ledger, which can be obtained by the players connected with that supply chain process.

For the supply chain agreement, a smart contract consisting of a unique software program plays an important role. The software uses blockchain technology to produce an agreement. The software program is stored on the blockchain-based application, allowing the smart contract to operate according to its programming. Moreover, if a transaction is not executed in time, a smart contract initiates a reactive measure.

The real-time tracking ability is driven by blockchain incorporation results in notable cost reduction in the supply chain operations. The blockchain application in the administrative processes automatically balances the cost associated with manual handling of the situation. Further, blockchain also eliminates several mediators and intermediaries across the supply chain, which help in reducing fraud. Blockchain technology permits payment processes with the benefit of cryptocurrency.

Moreover, the risk of losing products reduces while the performance of the supply chain increases with accurate recordkeeping of products and transactions.

Blockchain technology plays a key role in stimulating trust among the various supply chain professionals. Trust between the supply chain participants is essential for smooth performances. For instance, when it comes to regulatory agreements like custom enforcers, trust plays a significant role. The immutable nature of blockchain technology effectively prevents fraud and establishes trust.

Thus, blockchain gives an efficient alternative to carrying out secured and smooth supply chain transactions.

Check This Out: Top Supply Chain Solution Companies

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

Four Benefits of Cloud-Based Business Budgeting Software

Four Benefits of Cloud-Based Business Budgeting Software

Four Major Benefits of Green Technology in the Construction Industry

Four Major Benefits of Green Technology in the Construction Industry

Things You Should Know About Insurtech

Things You Should Know About Insurtech

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

Abalta's WebLink Receives Support from Genius Maps

Abalta's WebLink Receives Support from Genius Maps

iTradeNetwork Implements Walmart-Compliant ASN on its Platform

iTradeNetwork Implements Walmart-Compliant ASN on its Platform

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/how-deploying-blockchain-raises-supply-chain-efficiency-nid-5668.html