Blockchain in Supply Chain Pt-1
Blockchain Technology has gained widespread acceptance and importance in the last few years. It is implemented in different areas of applications such as social and legal industries, voting system, token base systems, finance, smart property, and supply chain networks etc. This technology assures immutability and integrity of data without the need of a third trusted party. This project aiming more secure blockchain base supply chain solution which can be integrated to any supply chain use case.
With the complexity of supply chain management increasing, a main problem is the transparency between the end consumers and suppliers. Blockchain solves this problem by making an end to end visibility a reality, improving the quality of communication between trading partners and by automating complex processes. The majority part where the blockchain technology can be use in supply chain market is regulation and technical aspects. In physical supply chain, the main Blockchain technology benefits for businesses are ensuring real-time traceability with trusted information and high level of reliability to all supply chain members with openness, transparency, reliability and security and providing pseudo real-time status of the shipment. Blockchain Technology can increase the transparency of physical distribution process and eliminating the ability to cheat and provides each participant end‐to‐end visibility based on their level of permission. In addition, this technology could reduce operational costs by removing intermediaries’ fees. For government, Blockchain Technology could help to track, monitor and audit the supply chain and serving manufacturers to record the transactions in authenticity. For customers, Blockchain Technology would enhancing the products quality and safety.
Major problems in supply chain management include:
- lack of the latest management tools
- lack of visibility in supply operations
- Inadequate mastery of provision and information flows
- lack of trust between suppliers and customers
- Fraudulent activities
Benefits of using Blockchain in Supply chain:
- Transparency
- Traceability
- Encrypted
- One version of Truth across supply chain
- End to End Visibility
- Insights
- Cutting Costs
Pt 2 Check out
- Possible Use Case
- Project on Supply Chain using blockchain
- Detailed information about supply chain
https://medium.com/@shubhamdusane/blockchain-in-supply-chain-pt-9cdc08467c45
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