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How Can Blockchain Help in Supply Chain Traceability? Traceability is the capability of finding out from where the products are coming and checking the route throughout the journey of the product and distribution. The need for traceability across different countries is increasing to stop the fraudulent activities and also keep the authenticity intact.
Today, blockchain technology development being one of the most important technological innovation is proving to be efficient in digital transactions as well as information dissemination. So, it stands as the gatekeeper in the emerging economy in which supply chain management plays an important role. The process of supply management depends on trust between the different stakeholders. The use of blockchain here can assist in improving the reliability and traceability of information along the process. If you can recall from the definition of blockchain, it is a digital distributed transaction ledger that stored and maintained on multiple systems that are own by different entities sharing identical information. Blockchain innovation has numerous preferences for the Supply Chain part: it is programmable, solid and furnishes us with ongoing data on activities.