Role of Blockchain supply Chain in boosting the business growth Blockchain technology offers great opportunities in every situation where visibility is required across multiple participants, entities, and levels and the supply chain is one of them. Obviously, distributed ledger technology (DLT) of blockchain is not used broadly but it is a specific industry application that cannot be more compelling as compared to an advanced supply chain that is used across geographies in multiple time zones. Getting the right quality information is necessary to make the best decision for the supply chain and this can make the supply chains more promising for the businesses including large supply chains. The supply chain blockchain is capable of offering real-time data and other information related to temperature, phase or humidity condition of any specific assets while being moved in the supply chain. In this way, a blockchain solution can provide a better prediction for the shipment like when it will be arriving and in what condition. This ability of blockchain offers great traceability of goods and enables business managers to plan the shipment to reduce wastage. Blockchain enables to trace food and logistics conditions In case of a food scare, blockchain can help you by telling that which food pack should withdraw because it has the historical record of every touchpoint of product movement. As a result, it shows all the supply chain participants about the product’s movement so that they can see what other partner is doing with the product in the supply chain. It is possible by amalgamating the real-time data from different IoT devices which mitigate risks for the consumers. With this extra visibility and transparency factor, it gives outstanding collective security to the supply chain blockchain participants. With this method, companies can provide surety for product safety, originality and authenticity as well as maintain the customer’s confidence level by winning their trust. The customers can rely on the company which has technological capabilities through which they can act quickly to address their concerns.
Provide a true version of the information Supply chain blockchain is highly resistant to corruption because it enables to access the same true version of information to all the participants. Moreover, there is no single point where data is residing on several computers or nodes, as a result, there is no point of failure as it can be handled by one single member. Tech industry giants such as Samsung, IBM and Alibaba are also investing in this advanced technology as it ensures to resolve the most pronounced challenges that impact supply chain management. Blockchain solutions for startups and SMBs Blockchain has been extensively used for embraced the banking and Fintech industry where transactions are very clear. With its various moving parts and deed of trust, accountability, traceability, and immutability, the blockchain supply chain is the best suitable option for it. The large numbers of startups are always seeking promising technology to resolve the major issues of the supply chain. There is a huge amount of paperwork is required for the supply chain where self-exciting smart contracts prove beneficial to provide the benefit of effective speed, trust, and automated transactions. If you also want to include advanced supply chain blockchain technology in your business then you can contact the professional Group50 blockchain technology consultants. Group50 is a trusted name provides supply chain blockchain consulting services to SMBs which want to leverage the benefits of this advanced technology. Blockchain includes the continuous updating of the ledger and their blockchain consulting & solution where Group50 can help an organization by providing the right consultation to overcome the tech barriers that scale up the blockchain solution according to your specific business need. Contact the Group50 consultants to get more information.
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