Raise The Performance of Supply Chain to a New Level by introducing Blockchain Technology The supply chain management has become complicated and filled with lots of barriers that impact on its efficiencies. It takes around days and weeks to process the simple payment system which ultimately creates unnecessary payment delays between consumers and vendors or suppliers and manufacturers. There are many challenges where supply chain required the significant transformation that includes:· Lack of traceability This is one of the key issues of the supply chain to trace where the products are at the specified time in the supply chain. Currently, every stakeholder in the supply chain management keeps their own records where it becomes difficult to maintain predictive monitoring and check what was happen in the different stages of the production. · Expensive charges A supply chain includes various stakeholders such as lawyers and regulators who charge an expensive cost for the complete management system. Stakeholders also have their commission fees from the amount. · Fake and counterfeits products It is difficult to find the counterfeit products which do not match with industrial quality standards. This could directly impact cost and people's safety. Like if in case any drug or food item gets forged then it can adversely impact several lives. · Trust issues Today, we live in an internet world but still, there are some constraints like where and how the products are manufactured and delivered. People don’t have an idea about the product whether it is real or fake. This is a reason trust issues are one of the concerns of the supply chain process. · Regulatory Compliances and Documentation The presence of a supply chain contract makes it very complicated due to the change of ownership, payment terms, bills of landing and other factors. Besides this, the lengthy and cumbersome documentation are also challenging tasks to execute and modify. Introduction of Blockchain Supply Chain management All these are key issues of the supply management system but the introduction of blockchain technology can prove a game-changer for the supply chain management. The introduction of advanced technology system integration makes the supply chain efficient and robust. It has great potential to speed up the administrative process of the supply chain with complete security of the transaction.
The key benefits of blockchain supply chain 1. Track the origin of a product The lack of product traceability leads to various issues like high cost and public relations that hamper the company's reputation and brand value. With a blockchain supply chain system, it becomes easy to trace the product, record keeping, and data sharing because all transactions are saved on blockchain ledger which can’t be deleted or edited. It enables tracking product history from its origin to where it is delivered finally with blockchain in the supply chain. 2. Build Trust All parties included in the supply chain must have trust in each other. When blockchain is integrated into the supply chain it becomes easy to maintain the trust. The immutable nature of blockchain, protect the supply chain from tampering and maintain a record for every transaction. This will improve transparency and build trust. 3. Reduce cost Blockchain allows real-time tracking of the product, as a result, the cost of moving products in the supply chain can be reduced. It eliminates the role of intermediaries of the supply chain which results in reduced cost as well as prevents the chances of product duplicacy. Also, the payment can be directly processed between two parties without taking any help from centralized systems. Group50 consulting services for Blockchain Supply Chain Group50 understands the importance of blockchain technology which will transform the way business work. This is especially true for the supply chain. There are different types of blockchain and multiple platforms that are used to enhance the workflow of supply chain management. At Group50, they have created a plug and play permission-based blockchian solution based on IoT platform which is driven by smart contracts. They are focused on few supply chain use cases that include:
Food Aircraft Automotive Compliance and Regulatory Healthcare Oil and Gas Intellectual Property Rights
At Group50, they are supported by the team of supply chain and digital technology supply chain technology subject matter experts who focus on leveraging the digital supply chain assets at the intersection process, people and technology. They use a holistic approach that helps in optimizing the digital supply chain includes integration of the systems which are operated by company, consumers, suppliers and strategic needs of the business. If you want to grab more information about Digital Supply chain technology or need Supply chain blockchain consultant services then contact Group50 experts. Visit: https://www.group50.com/