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How the Supply Chain Industry can benefit from Blockchain
Is blockchain a game changer in the supply-chain network? Well, the application of blockchain in this domain is one of the most significant innovations in the shipping industry. Blockchain holds promises to enhance visibility, increase payment processing accuracy, minimize inconsistency, and eliminate compliance issues. Although the technology is new in the market, its offerings cannot be neglected, and supply chain executives need to know why.
• Minimizes fraudulent activities
The blockchain network is an extensive network of computers wherein each system is connected to the other like nodes with the help of a shared ledger. All the information on this network are encrypted and are tamper proof. One can trace product from its conception till its last stage using blockchain technology and IoT; it helps to record and provide tamperproof data to all the stakeholders.
Blockchain can help in reducing fraud in the pharmaceutical sector and also tools like temperature controlled supply chain can analyze food, vaccines and other biological products.
• Addressing the issues faster
Organizations face problems in treating sudden demand changes, and they struggle in procuring information within the supply chain. Blockchain plays a significant role in transforming the supply chain network and disrupt the way one produce, market, purchase and consume the goods. Features like transparency, traceability, and security in the supply chain network make the economies more reliable by promoting trust and eliminating the implementation of questionable activities.
Advantages of Blockchain in the supply chain management
Real-time analysis and synchronization of decisions with the supply chain network are immediate. The exclusion of intermediaries form this process has the potential to simplify and reduce cost; it also automates elements through smart contracts. The shared ledger can assist in reducing costs within the retailers and with the other parties across the supply chain as well. The feature of smart contracts can help companies to flourish their businesses as the former creates new partner possibilities.
The future of blockchain technology is promising as it is protecting the data and is empowering the consumers as well. After all, it’s the companies who are adopting the innovation that is tinkering, experimenting, creating and adapting and this evolves technologies to create great solutions.