Stay Abreast of All the Supply Chain Complexities with Blockchain Technology Blockchain is a disruptive technology that will drive transformational change to the way business is done both internally and externally. This is especially true for the supply chain. It is proving a significant technology for supply chain management as it adds value by automating the transactions. Managing a supply chain can be really complex as it involves multiple geographical locations, payment channels, entities and people. Blockchain technology can break down that complexity and can bring transparency across all these aspects of supply chain. “Blockchain is an open distributed ledger specifically designed for the supply chain where transactions between two or more parties can be done in a verifiable and permanent fashion that cannot be changed once recorded.“ As it is an open source technology, it allows the traceability of all the entities at any point in an easier way. By incorporating blockchain in supply chain, the entire network becomes more transparent and secure, eliminating the risks of all the fraudulent activities. Blockchain technology is changing and evolving at a frenetic pace. 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 taking advantage of this technology. Group50, a renowned supply chain blockchain consulting firm understands the importance of this technology and have created a plug and play permission based blockchain solution built on an IoT platform that
is driven by smart contracts. The approach creates an immutable chain of custody with full provenance that mimics the value add workflow in a supply chain. Significant benefits that blockchain technology offers to supply chain Secures the supply chain by eliminating fraudulent activities Blockchain being a transparent system ensures that no tampered information is entered into it. Any sort of fraudulent activity or tampering becomes easily visible in the blockchain. Also every product is recorded with a tag in a blockchain that provides the authenticity and secures the entire supply chain. All the information of the product such as the provenance, place of storage, authenticity is recorded in a single transparent ledger. This completely eliminates the risk of any kind of information breach or product counterfeiting in the supply chain. Makes the traceability easier By incorporating blockchain in supply chain, you have the ability to track the flow of goods and products at every stage from manufacturing to the time it reaches the end user. There is no need to worry about the integrity of the information as the records are incorruptible. Boost the productive levels 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. Transaction and payment flow becomes efficient The transactional information is available to all the business partners in a blockchain enabled supply chain such as contracts, orders, signatures, payments. Time taken to validate all the transactions between the parties (providers and clients) reduces significantly and in an extremely secure way. For leveraging all these benefits of blockchain technology, consult a leading firm Group50. Their blockchain technology consultants possess expertise in business process design, organizational design and digital technology, coupled with their
unique plug and play technology, positions them to be your partner in adopting and managing this transformative technology in a way that is both scalable and sustainable.
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