Does Supply Chain Need A Support Of Cutting Edge Blockchain Technology? Nowadays, many new technologies are developing in various stages and promise to prove productive for manufacturers and supply chains. In such a scenario, it a great challenging task for the management team to decide which technologies will prove beneficial to invest when they should invest in it. Currently, blockchain technology is grabbing huge attention when it comes to improvising supply chain management. This technology has suddenly poised for rapid growth. Why? So the answer is that blockchain has come up with the solution for the growing problem of how to manage increasingly complicated networks of suppliers and manufacturers at a time when speed, transparency, and agility become key problems. Almost in every industry, complex ecosystems are evolving to produce smart and connected products. These ecosystems are advanced and pulling out our traditional approaches to supply chain management (SCM). The introduction of blockchain technologies comes up with a decentralized approach to data management and sharing to enhance the transparency, speed, and responsiveness of complicated ecosystems. It offers:
Time-stamping, automating and tracking of transactions as a results events can be audited in real-time Eliminate the role of intermediaries like insurers, bankers and brokers Set up a wide range of self-exciting contracts for automated repetitive processes like shipping and billing Enable easy, fast and cheap onboard for new vendors and partners by assigning digital IDs. Maintain proof of quality, payment, provenance, and performance to reduce the risk of fraud and counterfeiting.
Blockchain technology is capable of resolving the key issues of trust and visibility as well as increasingly fluid manufacturing and supply networks. It acts as a gamechanger for companies that work on the agile supply chain to stay up with the changing demands of customers. Now, it is important to know whether and how to invest in blockchain and when it should be combined with other technologies to get its benefits. Supply Chain Blockchain Consulting If you also want to implement the blockchain in your business supply chain then you should approach professional supply chain blockchain consulting services like Group50. Blockchain is a disruptive technology that will bring transformational changes to the way businesses are working internally and externally. At Group50, they are supported by the expert team of Blockchain technology consultants who worked with different industrial sectors and provide blockchain supply chain consulting services to boost your business productivity. While there are numbers of blockchain cases but they are mainly focused on a few supply chain use cases:
Food Aircraft Automotive Compliance and Regulatory Healthcare Oil and Gas Intellectual Property Rights
They have designed Scioebc plug and play permission-based blockchain that offers you the ability to control who can access the critical data via smart contracts. With Blockchain, you can enjoy its various benefits include:1. Reduce cost 2. Streamline internal and external operations 3. Centralize documents and reports needed for compliance and regulatory reporting 4. Eliminate fraud and counterfeit detection 5. Transform business processes
Contact the Group50 Blockchain technology consultants to reap the outstanding benefits of the digital supply chain. Visit: https://www.group50.com/