Blockchain Technology – Efficient way to resolve the challenges of Supply Chain Blockchain technology has no longer limited to the digital image only, it has come up in the real mechanism and used by different businesses sectors around the world. Earlier, blockchain technology has proven fruitful results in the financial sphere only but now they also introducing in supply chain management and logistics. Global organizations are now working on the usage of blockchain technology in the supply chain to leverage their business and stay competitive in the market. Blockchain can be work as a game-changer for complicated and cumbersome supply chains by providing efficient solutions. It is capable of speed up the administrative process and reduces the system costs while maintaining transaction security. Key benefits of blockchain Supply chain Some of the prime benefits of using blockchain are supply chain includes:
Provide reliable and trusted databases enhance the transaction visibility for all participants Reduce the errors in documents Provide Safe and secure auditable records Fast and Swift processes to save cost
Private blockchain for the organization are beneficial to enhance the level of security and confidence in the information transfer on assets in the supply chain. It is highly beneficial for the industries which are dealing with extensive paperwork like marine shipping, transport logistics and more. Blockchain solutions for Supply Chain Challenges
Blockchain can utilize for resolving the various challenges of Supply Chain industries like complicated record-keeping and tracking of products. Let’s have a look at different ways through which blockchain can be used in the supply chain industry. Provenance Tracking In big organizations and companies, there are various elements included in their supply chain. This is a reason it becomes impossible for them to track every record in an efficient manner. The lack of transparency raises the problem of increasing cost and customer issues which dilutes the brand name. The blockchain supported supply chain can make the recording keeping and provenance tracking work easy and simply by enabling the access of product information with the help of embedded sensors and RFID tags. The product history can easily trace through blockchain from its origination to its present time location. This type of tracking is also beneficial for detecting frauds that can happen in any part of the supply chain. Reduce cost When the real-time tracking of the product is easily detected in blockchain supported supply chain, it will reduce the overall cost of the moving items. Blockchain will speed up the administrative process in the supply chain which ultimately reduces the extra costs occurs in the system while guaranteeing the transaction security. It eliminates the role of mediators and intermediaries in the supply chain to avoid any risk frauds, product duplication and save money. Establish the bond of trust Maintaining trust with all the participants in the supply chain is very important for smooth operation running. For example, if a manufacturer shares the products with suppliers then he/she needs to be depending on them for maintaining the factory safety standard. The immutable nature of blockchain in the supply chain is properly created to prevent tampering and establish trust.
If you also want to reap the numerous benefits of the blockchain supply chain to boost your business then you should contact the professional who can provide you supply chain blockchain consulting services like Group50. They are the supply chain subject matter experts who have expertise in manufacturing, purchasing, digital technology, product development, marketing, and other sectors. They have recently launched their Scioebc™, a blockchain solution that is built upon Thinaer’s IoT platform. It is one of the first integrated supply chains based on Blockchain and IoT solutions and proves benefits for different business sectors. The Group50 has years of experience in every functional area and capable of dealing with all the project requirements according to client needs. You can contact the Group 50 Blockchain technology consultants who can help you in building your supply chain management more powerful and efficient by implementing the blockchain technology features.
Visit: www.group50.com