Supply chain management and Blockchain Technology | An Absolute Game Changer

Large enterprises and supply chain leaders are recognizing the transformative influence of Blockchain technology.  Because of this, the focus of the SCM industry has shifted towards new technologies to ease the complex operations. Undoubtedly, Blockchain has its own set of benefits for SCM which we are going to explore in this write-up. Global supply chains support everything from consumer packaged goods to product recalls. Even in today’s technologically advanced world, the use of Blockchain for supply chain management can dramatically improve efficiency, audible tracking, and limit exploitative behaviors. 

Blockchain solutions for logistics companies are helpful in three main ways i.e.,

The Blockchain for logistics companies has its own importance from inventory tracking to dispute resolution, this technology is clearly a game changer for the supply chain management.

Traceability - Traceability improves operational efficiency by mapping and visualizing enterprise supply chains. Blockchain helps organizations understand their supply chain and engage consumers with real and verifiable data.

Transparency - Transparency builds trust by capturing key data points, such as certifications and then provides open access to the statistics openly.

Tradeability – It is a unique Blockchain offering that redefines the conventional marketplace concept. Blockchain can be utilized to accurately license services and products through the use of automated smart contract payments. 

Benefits of Blockchain for supply chain management -

Improved logistics

The Blockchain makes it infinitely easier to connect critical information on purchase orders, receipts, and other documents to the goods and services you’ve purchased. It also provides permanent linking of physical assets and other items, to time, date, and location information.

Greater security and scalability

Blockchain is a revolutionary technology for the supply chain. The assets of clearness and immutability of Blockchain technology make this technology valuable for eradicating frauds in supply chain and preserving the integrity of the system.

Better data collection and analytics

The more data you have, and the more easily you can analyze and use it. Therefore, the more effectively you can streamline your supply chain and exploit opportunities for savings and growth. When Blockchain technology is combined with centralized data storage, it allows moving beyond logistical or financial data and creating effective reports and forecasts informed by all aspects of the procurement workflow. Using private Blockchain networks, companies can share essential information with customers, suppliers, and authorities.

Get Ahead by Implementing a Blockchain-Based Strategy

Blockchain-based technologies such as Artificial Intelligence, the Internet of Things, machine learning, and Big Data are all converging to create efficient and practical solutions to everyday problems in the supply chain. Connect with ESSPL to implement real applications of Blockchain within your organization.

About This Author

Jessica Williams Joined: February 1st, 2019