Streamline Your Supply Chain Management By Implementing Blockchain Technology Supply chain management is defined as a supply network that includes data of goods, things, and people who are involved in the trading process. It is responsible for tracking the process involved when the product travels from the place where it was made to the person who receives it at the end. Today, consumers are more concerned about the product they are purchasing and need its complete information like origin, details about suppliers and producers, compounds and facts about consumption and product storage. All this information or data can be securely stored, recorded and processed with the help of a blockchain transaction system in any supply chain. Transparency of products is one of the most important elements required for the logistic foundation. Nowadays, it becomes complex to handle supply chain management as it includes numbers of participants around the world. It creates an issue in terms of speed, cost, and quality. But still, the supply chain system has its own benefits and its efficiency can be improved by implementing some new methods. Blockchain has come up to streamline the supply chain process by making it more efficient and effective. How Blockchain Implementations Benefit Supply Chain Management? Blockchain is an optimized system that contains a shared database including digital information about the people, products or events that can be accessed or inspected by the users. Blockchain technology is offering a great option to improvise supply chain management with its highly secured distrusted public general ledger. The blockchain can give the solution for the key issues of the supply chain like: 
By eliminating fraud activities Enhance management performance
Avoid product delays Reduce errors Increase supplier trust/consumer
Supply chain management is facing the transparency problem where blockchain can help by recording and tracking all the goods or services transactions in realtime. The information in the blockchain can be changed, edited or added but cannot be deleted as a result it provides real facts and enhance transparency in the retail process. It tracks how the product travels from supplier to the producer and how it is distributed. Moreover, it also shows how a retailer adds potential information related to product usage and provides an additional application for customers. At the end, buyers will get complete information about the product origin, delivery time and other additional facts that ensure complete transparency. Being a backbone of supply chain digitization, blockchain technology allows the bilateral settlement by eliminating the key issues of delay and collateral costs while reducing credit risks that occur during exchange spread. The key advantage of supply chain blockchain:
Blockchain is scalable as it enables the integration of many participants into the system and provides updated information It makes implementation quick and hack-resistant The distributed ledger share the data with codified rules to provide better security As the data is shared, edited and unchangeable, it reduces the administrative workload and charges less for transactions.
All these features are beneficial for improving the efficiency of a decentralized system and extremely innovative to provide new opportunities for the business. Hire the Blockchain Consulting & Solutions If you also want to integrate blockchain technology into the supply chain then you should hire the services from Group50 supply chain blockchain consultants. The professional will deeply analyze your business needs and evaluate its risks and weakness which are likely to be faced. They review the nature of risks and work
out on the weak points of your supply chain. They will plan to eliminate the loop points with the implementation of blockchain technology. At Group50, they provide their service for a wide range of industries including aerospace, manufacturing, healthcare, telecom, retails, etc. all who are using supply chain management. They have also launched their Scioebc™, blockchain solution which is based on Thinaer’s IoT platform. So, if you want a productive Blockchain Consulting & Solutions for your business then contact the Group50 Supply chain blockchain consultants.
Visit: https://www.group50.com/