Key Benefits of Implementing Blockchain Technology in Supply Chain Blockchain is an open distributed ledger which can be used in supply chain where transactions between two or more parties can be done in a verifiable and immutable way that cannot be changed once recorded. It’s a decentralized system of recording transactions which are impossible to modify or delete. With this, the master ledger of data and transactions can be easily accessed by various stakeholders. These decentralized ledgers are encrypted which makes them efficient, secure, and transparent. Blockchain in Supply Chain Management Blockchain technology is becoming a game changer for managing supply chains. Supply chain management is complex as it involves multiple stakeholders and it becomes difficult to trace all the transactions. The need of traceability and transparency has made blockchain the technology of choice for supply chain. It provides opportunity to the organizations to change the way they operate their supply chains. This allows maintaining complete transparency across the entire supply chain, from the manufacturing of the product till the time it reaches the customer, thereby eliminating all the human errors, time delays and additional costs. The entire supply chain system becomes less prone to any sort of fraud. This technology is really a boon for the supply chain not only in terms of financial records and data security but also analytics, logistics, marketing and much more. Group50, a leading supply chain consulting firm recognizes the importance of the Blockchain for what it is: It’s a disruptive technology that can drive transformational change to the way business is done both internally and externally. This is especially true for the supply chain. They have created a plug and play permission based blockchain solution built on an IoT platform that is driven by smart contracts. This approach creates an immutable chain of custody with full provenance that mimics the value add workflow in a supply chain. Benefits of blockchain in supply chain Better data management
The easy procurement of data for analytics lets in streamlining the operations of the supply chain. It expands your opportunity for growth and savings. Also, the shared access to the important data by all the stakeholders enables the creation of well-informed reports and forecasts. Tracking becomes easy Implementation of blockchain in supply chain allows for easy tracking of the product journey, from its manufacturing to the point it is delivered. This decreases additional costs and resolves the frauds in the supply chain. Boosts productivity The complete transparency between the entities of supply chain leads to all the product related interactions in a faster and smoother manner. This increases transaction volumes and accelerates the productivity level. Blockchain technology is changing and evolving at a fast rate. It will be impossible for people in your organization to stay abreast of those changes. As a result, it is important that companies follow a specific methodology for educating, planning the use cases, and creating a blockchain technology roadmap and its implementation. Companies interested in taking that journey can take advantage of Group50’s workshops. Their supply chain management consultants can be your partner in adopting and managing this transformative technology in a way that is both scalable and sustainable.
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