Blockchain is a disseminated database that holds records of digital data or events making them tamper-resistant. If this is the case, imagine the scope blockchain would provide across the supply chain with its transparency and the security to track all types of transactions. So, Let us try understanding how blockchain affects the supply chain.
The transaction can be recorded, creating an unalterable history of the product, from the manufacturing till the sale; every time a product changes hands. This can drastically reduce the time delays, additional costs and possible human error that torment the transactions today.
Some of the supply chains have already adopted this technology. Experts predict that blockchain could become a universal “supply chain operating system” soon. Listed below are the tasks that can improve with the blockchain technology.
Blockchain offers the following advantages in the supply chain:
The exact origin and touchpoints of a product’s journey are revealed through documentation. This helps in building the trust and helps in extinguishing the bias found in today’s opaque supply chains. Manufacturers can reduce any kind of recalls or errors by sharing logs with OEMs and regulators.
Virtually any number of participants, accessing from any number of touchpoints, is possible. This improves the ability of a computing process to be used or produced in a range of capabilities.
A shared, indelible ledger with codified rules could potentially eliminate the audits required by internal systems and processes. The supply chain, in turn, becomes more secure and error-free.
Opportunities proliferate to create new, specialized uses for the technology as a result of the decentralized architecture.Smart shippers are finding ways to leverage these innovations to increase profits and strengthen relationships across the supply chain.
So, Don’t you think your supply chain needs to adopt the new technology? The blockchain technology? Talk to us today!