Supply chain is always known to be one of the most complicated industry and thereby integrating blockchain has been acting as a problem solver for supply chain industry . Various other new technologies may also be considered viable , but let’s focus on implementing blockchain and exploring its benefits .
As per the experts , blockchain has superpower of boosting profitability and effectiveness in several business and so is the case with supply chain industry . While supply chain industry is dealing with many kind of difficulties , integrating tech solution is what it needs . Integrating blockchain can help supply chain industry in managing complexity with ease and thereby creating links between various distribution channels .
In this article , let’s look forward to how blockchain technology can help improve overall process and can up bring transformation in this industry .
Blockchain – A Gleaming Twilight In Supply Chain
If you ever had a change to experience supply chain industry cumbersome process , then you may have found that how hard it is to trace products and parts , and there is always a chances of mistake . Inspite of numerous of positive steps has been taken , this industry is full of headache irrespective of whether it is electronic , food , consumer goods or anything else .
Another major aspect is product has to go back and forth several time , which creates a challenge .
All the above problems can be solved by use of blockchain technology . In continuation to it , cryptocurrency transfer can also solve many transaction related issues . Blockchain has capability to manage exchange of currency , tracking of process as well as take care of agreements while helps supply chain industry in various aspects . Blockchain mobile app development is also trending now a days thereby giving various types of benefits .
Let’s take a glimpse of ways in which this technology can help enhance supply chain .
Blockchain Impact On Supply Chain
Blockchain is surprisingly amazing technology which aids in carry on and tracking of transactions in more secured and transparent way .
Blockchain has ledger system which facilitate payee and payer to directly exchange funds from anywhere in the world without any intervention of any authority to validate the transactions . In addition to it , it also gives advance security and rapid transaction in comparison with other types of payment .
Another great feature of this technology is easy tracking of items . It facilitates companies to work with various kinds of distributed channel that can record various products status during various stages . Blockchain records in a system which is immutable and permanent . Tracking of even individual product from original source is very easy . For instance , Walmart is using blockchain technology to track down all sales in China .
Blockchain facilitates companies to track even a single piece of item right from creation stage to process and thereon storage . It also helps tracking by applying various kinds of filter like date , selling date and various other aspects .
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This system helps management of supply . After arrival of smart contract in Blockchain , another ray of possibility has emerged . Smart contracts facilities buying and selling of tangible as well as intangible products less hectic .
How Blockchain Will Impact Supply Chain ?
While some leaders in the world are already using this technology , experts suggest that blockchain will become universal ” supply chain operating system ” . There are various ways in which they can help improve supply chain task , let’s look at some of them :
- Recording of quantity and transfer of valuable goods can be done with ease at each node of supply chain .
- Tracking of purchase order , receipts , orders changes , shipment notifications and other related things has become easier .
- Checking validity and certification of products has become easier .
- Linking of physical goods to demographic entities such as bar code , serial number like RFID etc .
- Exchanging information related to manufacturing , delivery , assembly as well as maintenance of products between vendors and suppliers .
How Blockchain Integration Will Be Beneficial
- Improved Transparency : This technology helps tracking of product right from production stage till its final delivery and thereby eliminating bias data if any .This also facilitates supply chain industry to get transparent and enables manufacturer to reduce number of data recalls .
- Scalability : The reason why it is scalable is it facilitates access of data of supply chain node to be from anywhere
- Improve Security : While blockchain is known to be regularised distributed ledger system with predefined coding rules , it reduces need for audit that generate internal system .
If you are also looking for blockchain technology exploration , you can hire expert consult for your next big blockchain application development .