Blockchain In Supply Chain & Logistics www.bitdeal.net
Introduction In this digital world, the word Blockchain Technology has become a buzzword which becomes an avoidable technology in many industry verticals. Supply chain process is the base of every business or industry which connects suppliers, manufacturer, and end-users. Blockchain is a distributed database used to hold records of digital data or events in a way which makes it tamper-resistant.The stored information exists in multiple copies that are spread over multiple computers, known as nodes.
Supply Chain, Logistics and Transportation In simple words, according to business the term, Supply Chain - Is the process of transformation of raw materials into ďŹ nal products. Logistics - Is the process of planning and executing the efďŹ cient transportation and storage of goods from the point of manufacturing to consuming. Transportation - Is the process of transporting goods from one point ( Origin ) to another point ( Consumption ).
Supply chain and Logistics - Differences 1. Supply chain refers to the important business processes within and across the organizations which drives competitive advantage whereas Logistics refers to the movement, storage, and ow of goods/services within and outside the organization. 2. The term logistics prevails for a long time but the term supply chain management is comparatively new term in market. 3. Supply chain focuses on competitive advantages while logistics focuses on customer requirements.
Challenges in Supply Chain and Logistics 1. Globalization of manufacturing operation 2. Delivering safety and quality products 3. Reaching the right customers at the right time. 4. Presence of shorter lead time and less inventory. 5. Making a strong supplier base and customer networks.
Blockchain in Supply chain and logistics Blockchain is a booming technology that provides the transformation of every industry when implemented. This blockchain technology proves to be the rescuer of supply chain and logistics from the above-mentioned challenges. Blockchain in supply chain and logistics can provide better processing of SCM and helps in reaching the right customers with the right products/services at the right time. There are many supply chain and logistics industry that has been implemented blockchain technology for their betterment.
Benefits Listed below are some of the benefits of using blockchain technology in supply chain and logistics : 1. Perfect tracking of Production & Shipping of goods. 2. Faster tracking of Goods through Customs. 3. Easy Verification of Product Source 4. Reduces Fraud & Counterfeit in delivery. Get more Benefits of Blockchain in Supply Chain Here !!
Future of Supply Chain with Blockchain The application of blockchain in supply chain and logistics is also a tedious task, but when applied it works well and shows the best result in the process of supply chain and logistics. Surely there will be best and transparent supply chain and logistics process in every industry when blockchain is implemented. There are some challenges that one should overcome while implementing blockchain in the supply chain which involves ecosystem difďŹ culty, Currency Volatility and technology adoption and a lot more. Let us hope for cent percent transparency and faster supply chain and logistics process with the application of blockchain technology.