Blockchain for Resolving the Concerns of Supply Chain Management Supply Chain is an important end-to-end system responsible for creating products, services and delivers them to the customers. It comprises of various components such as:
Material Parts and ingredients Retails Natural resources Finished goods
Why Supply Chains Should Also Function In Reverse Direction? The supply chain should not be move in one direction only because if the customer needs to return a product and want a refund for it then supply chain also need to process for the return, reuse, and recycling. However, the supply chain is currently struggling with various issues that directly impact on its performance level like difficulty in tracking, quality, and procurement costs, etc. This is a reason, businesses are required a solid supply chain management that works well in managing the flow of goods, information, materials, and services as well as distribution and fulfillment of goods. The wellorganized supply chain management will benefit in:• • •
Enhancing the improvisation quality Increasing production and distribution Improving sales by minimizing the cost and complexity of the manufacturing process
And, this is a scenario where Blockchain technology can help in resolving the several issues of SCM and also enhance the efficiency of supply chain operation. Role of Blockchain Blockchain will support the successful management of supply chain management with the features of integrity, reliability, and trust. It allows participates to view the true version of the ledger for all the transactions and eliminate any type of conflicts. Every participant can see the assets available in the supply chain as records are saved in blockchain in an immutable way. Blockchain in Supply Chain Management Both blockchain and supply chain management are complementing each other. It will work well in addressing the pain points and flaws of the existing supply chain. Integrating blockchain in supply chain management will work well in eliminating time delays and human error. It can help in resolving various other aspects of the supply chain like tracking of the product journey, verifying the validity of
certification of the products, sharing details on delivery and maintenance of products with different stakeholders and vendors, etc. Blockchain to Track Food and Logistics Conditions For example, in case of a food scare, blockchain can give you the complete detail of food packets and tell which packet need to be withdrawn by keeping a historical record of every point of the product movement and all supply chain participants can view what other partners are doing with the product in the supply chain. This can be done only by combining the real-time data from a variety of IoT devices which alleviate risks for the consumers. This transparency level will ensure the outstanding level of a security system for blockchain supported supply chain participants. Blockchain Supply Chain Consulting Services If you also want to implement blockchain to improvise your supply chain operations then you should seek the supply chain blockchain consulting services from Group50. This business consulting brings a proprietary Scioebc supply chain which is an IoE plug-n-play solution designed by supply chain subject matter experts and seasoned developers. They bring the solution for a wide range of industries that include food and beverages, aerospace, manufacturing, retails, healthcare and non-profits. You can easily contact the Group50 professionals and explore the possibilities that how custom blockchain can help in improvising your supply chain management to increase the ROI.