Enhance the performance of your supply chain with blockchain technology Blockchain has been hailed as a high-end technology that will play a vital role in the supply chain structure by boosting trust, efficiency, and transparency. However, blockchain is a highly promising technology and helpful in resolving supply chain problems. It is a networked distributed ledger technology known as blockchain which is gaining grip in today's global supply networks. It offers a highly secured tamper-resistant mechanism for validating the information for the participants. The key benefits of blockchain in the supply chain:• • •
The near-real-time nature of the system reduces the risk in supply chain operations and makes it faster across different geographies. Supply chain partners can streamline their procedures and workflows while improving performance and results assurances. Businesses can quickly adjust to shifting market conditions.
Companies are using blockchain for tracking supply chain irregularities and tracing their origins. Key benefits of supply chain blockchain Some of the blockchains are used for improving the supply chain includes:•
Blockchain Supply Chain Benefit in Regulatory Compliance
To comply with government rules, businesses must submit monthly reports that prove their adherence to business and trade legislation. They require a technique to track and record how things are obtained or produced to make these reports. A corporation, for example, would have to document when and how it obtained raw materials from an approved forest or mine, as well as how it made products in certain complying methods. The real-time data provided by the blockchain reduce the issue and lag related to compliance reporting. It allows the company to share its specific regulatory report with suppliers. Even, companies can share their records outside the networks with other parties. •
Improve supplier management performance
Many companies attract suppliers based on metrics such as quality, volume, negative incidence rates, etc. All these details show the supplier's performance in the chain. But, performance tracking systems are time taking and might enable unethical suppliers in the system. Blockchain supply chain can prove highly beneficial in validating transactions and allow the companies to track supplier performance in real-time. Group50- To get experts Blockchain supplychain consulting services If you also want to boost your supply chain performance then hire the Group50 supplychain blockchain consultant services. At Group50, they have designed a Scioebc™, plug and play permission based blockchain which allows you to control who has to access the critical data through smart contracts. If you adopt the blockchain application in the early stage then it can benefit in:• Eliminate intermediaries • Reduce cost • Streamline internal and external operations • Provide fraud detection • Create competitive advantages • Automate transaction Group50 supplychain blockchain consultants have expertise in business process design, organizational design, and digital technology, along with our unique plug-and-play technology. This will make them an ideal partner in implementing and managing this disruptive technology in a scalable and sustainable manner. Contact Group50 Permission based blockchain consultants to avail their services Visit: https://www.group50.com/