Multiplicative Effects of Blockchain and Iot on Supply Chain Today’s customers rightfully demand of superior product experience and greater transparency. On the other hand, supply chains are struggling with their inherent risk of frauds, incorrect storage conditions and compliance issues. Technology combination of IoT and blockchain brings richer tracking of how a product is manufactured, stored and transported before being delivered for consumption by the customers. Blockchain and IoT, when combined together, can help enhance the reliability and traceability of supply chain operations. IoT sensors like GPS, temperature and humidity sensors feed information to the supply chain blockchain which can be accessed in real time by the stake holders signed to the Smart Contract who can accordingly plan for cross-border transactions. Real-time visibility of inventory levels Combining IoT’s real time monitoring support with distributed ledger technology (DLT) of blockchain can help strengthen the supply chain by improving the track-and-trace accuracy and scale, and providing real-time visibility of inventory levels. This reduces the need of keeping buffer stocks, while allowing for the urgent orders to be rerouted, thus minimizing disruptions to the production schedule. Redefining the future of supply chains Blockchain and IoT are redefining the future of supply chains as we have already witnessed their implementation success in the logistics and track-and-trace areas of many supply chains including those of manufacturing. Many businesses in manufacturing are running Proof of Concept (PoC) pilot projects to optimize routing and delivery of goods and reduce the chances of fraudulent transactions. Tracking the provenance Tracking the true provenance of raw materials and products is a challenging process. With IoT implementation in supply chain, the source of origin of materials and components can be ascertained quickly in case a product recall becomes necessary, thus minimizing the customer safety risk. Similarly, by just scanning a QR code, parents can gain deeper understanding of the product ingredients and their entire provenance as well as information related to allergens.
Blockchain has already shown potential to increase the speed, scale and resilience of the supply chain, all the while improving on batching and inventory control. Excelling at digital twin initiatives IoT and blockchain can help businesses in excelling at digital twin initiatives across their value chain. The asset, for example, a vehicle spare part, sends performance data directly to its digital twin, which is the digital representation of a physical asset, to securely document everything related to the asset in the supply chain blockchain, even if it moves from the manufacturer to the dealer. Blockchain supply chain consulting Forward thinking companies are combining IoT and blockchain to increase transparency and gain customer loyalty. If you too are considering blockchain and IoT implementation for your supply chain then you can contact Group50 supply chain consultants. This blockchain supply chain consulting has experts who can provide you custom solutions for your specific business needs. They can develop a blockchain and IoT strategy for your specific business needs to let you gain the competitive advantage facilitated by these technologies. Customized supply chain solutions For instance, if you are into food business, Group50 supply chain consultants can help you by providing full traceability with their proprietary Scioebc blockchain solution across the entire food supply chain, from the farm to the table. Other promising use cases of blockchain and IoT implementation include pharmacy industry, automotive industry, healthcare, aviation and many more. Contact Group 50 supply chain consultants for the custom supply chain management solutions and strategic sourcing services that could help in accelerating your business growth.
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