Blockchain consulting for connecting your supply chain with digital networks globally Blockchain has become popular in a variety of industries including supply chain, automobiles, health, compliance and regulatory, and a lot more due to its secure, efficient, trustless and streamlined architecture. In today’s complicated supply chains with numerous participants, partners and vendors, each with their own logging systems, you need to move your goods with as little friction and confusion as possible. Blockchain can be used in any supply chain to promote transparency with its shared database. All participants upload their own data in the blockchain that improves accountability and trust among the network participants. Blockchain provides real-time update on products and all the participants know where the product stands at all times. One can see wherefrom the raw material for the product was sourced, where it was manufactured, and where it will be delivered, right on a single platform. Best bets for blockchain to streamline supply chain operations Within the supply chain universe, blockchain can provide unparalleled benefits to manufactures, precision parts suppliers, logistics service providers and small business investors. These include: It can eliminate supplier evaluation time, expedite orders and lower risks with the right supplier with needed expertise and capability automatically identified. Since blockchain does not allow any tampered information to enter into the network system, any fraudulent activity will be visible to all the participants, thus eliminating the possibility of product counterfeiting in supply chain flow. It can simplify part orders, avoid production delays and help manage profitability. Since blockchain relies on Distributed Ledger Technology (DLT), inventory management becomes much easier with every stake holder of the network holding a true copy of the transaction. Blockchain increase part and supplier quality control with real-time transparency into parts fabrication, production and delivery. If there is an unintended change of information, smart contract will prevent it from happening. If there is something wrong with an inventory item, it would show up to all in the chain of custody.
Blockchain builds communication among the partners with streamlined process, shorter lead times, reduced redundancy and leaner supply chain. The DLT based network stores copies of the document that are chronologically stored and linked to previous documents. This makes each block and entire chain highly secure and challenging to falsify. More than just a trustless storage technology Moreover, as all information is uploaded to the cloud, data tracking becomes consistent. You don’t have to connect to the partner to seek a particular piece of information. You just need to log into the blockchain to download the needed information. And it’s more than just a storage technology as blockchain offers complex solutions to analyze the data being uploaded on cloud. It can allow users to pinpoint lags in the supply chain and create forecast and predictions, thus helping the businesses minimize supply chain expenditures. Supply chain blockchain consulting Group50 has come up with its innovative Scioebc blockchain solution for small and medium businesses that combines blockchain, supply chain and IoE in one Plug and Play solution. The company’s supply chain blockchain consultants have extensive expertise in devising business specific supply chain solutions leveraging blockchain technology. They utilize latest tools and innovations to come up with best solution meeting your specific business needs. Get Group50 supply chain blockchain consulting to get the most of the innovative blockchain technology for best outcomes for your business.