Tangible benefits that supply chain blockchain can offer your business Supply chains have grown in scope and scale, with sourcing of raw materials, manufacturing, assembling of goods and delivery becoming complex operations that involve a number of stake holders spread across multiple geographies and continents all over the world. Blockchain, the distributed ledger technology has immense potential to transform the supply chains and make a business more profitable with reduced cost and faster time to market. A blockchain helps improve visibility, identifying the parties involved in the transaction as well as the date and location of the transaction. Since the data is accessible to all parties in a blockchain, no one can manipulate it for their personal advantage. This availability of the information to all participants of the supply chain blockchain network ensures immutability and integrity of data. Smart contracts to automatically mitigate issues With a blockchain, recording, tracking and verification of products can be done in real time, that not only eliminates human errors but also time delays that slow the operations of most the current supply chains. Smart contracts can be imbedded into the supply chain to identify any violation of the agreed upon limitations, providing supply chain the ability to respond to the problems and mitigate them at the time of occurrence. Distributed platforms running on clouds have made supply chain processes truly global. However, this increased reach of supply chains has introduces more complexities, and the blokchain has the capabilities to address the issues faced by today’s complex blockchains. Blockchain offers some tangible advantages to today’s supply chains, including the below ones: ďƒ˜ A blockchain can reduce costs for companies by capturing data from all the partners and view the total volume without sharing sensitive operational data with one another.
By enabling near real-time data transfer, blockchain can reduce logistics costs and inventory wastages. It creates a digital supply chain with a single version of truth for all the network participants. Companies often end up adding extra inventories to address uncertainties surrounding the materials and products at different locations. The expenditure of this activity could be substantial on a company’s books after factoring the cost of capital and depreciation. Blockchain has the capability to manage inventory at the ecosystem level, thus minimizing the need for a business owner to maintain extra inventory to deliver similar service level. Hyperledger technology makes inroads in supply chain Companies are increasing exploring hyperledger use cases in supply chain management to track every step in a supply chain, all the while ensuring the availability of information and control to the network participants. It provides greater accountability for the three components of supply chain – physical characteristic of the products, regulatory compliance and end-to-end traceability. Group50 has expertise in offering supply chain blockchain consulting that will lead to the elimination of redundancies and decrease resource consumption at various touch points of your supply chain. Our proprietary Scioebc blockchain solution is devised to let your supply chain perform in a better way with assured provenance and security. Group50’s blockchain consultants have extensive expertise in developing custom supply chain blockchain solutions for a range of business verticals including automobile, food and regulatory and compliance, and a lot more. Contact Group50 for your supply chain blockchain solutions and consulting needs, and we will be happy to come up with the best supply chain blockchain strategy to meet your key business objectives.