Blockchain in Supply Chain Pt-||
In the earlier post I have talked on Blockchain In Supply chain, Benefits of Blockchain Technology in Supply Chain Industry, Major problems in supply chain management.
If you have not read that post then please go and check out the post
In this post I am going to attach some points to existing post,
Working of Traditional Supply Chain :
Working of Traditional Government Supply Chain :
Working of Supply Chain Using Blockchain :
How does blockchain do it?
Blockchain is a type of decentralized database that keeps encrypted records of digital transactions in a distributed ledger. Rather than having a central administrator like a traditional database — think banks or customs and logistics agents — a blockchain has a distributed network of replicated databases, synchronized via the internet and visible to anyone with access to the network. Networks can be permissionless/public, like Bitcoin, or permissioned/private in the case of a blockchain network between retailers and suppliers.When a digital transaction is carried out (for example a purchase order), it is grouped together in an encrypted ‘block’ with other transactions and replicated across the permissioned/private network. This brings unparalleled security and business continuation benefits for members of the network.
How smart can a contract get?
Apart from providing the means to transact peer-to-peer, blockchain can be used to create ‘smart contracts’ that execute the terms of any agreement when specified conditions are met. Essentially, a smart contract is a piece of computer code that pre-defines a set of rules under which the parties to that smart contract agree to interact with each other. The code facilitates, verifies, and enforces the negotiation or performance of a contract. This is the simplest form of decentralized automation.These smart contracts can represent a contract or an ownership title. It can also represent physical goods, via a barcode or RFID tag. In an example of the retailer-supplier relationship, the ability exists for cascading purchase orders, invoices, receipts, shipping notifications, inventory data and other trade related documents to not only be automatically matched and verified, but to also trigger payments, replenishment orders, aggregation and dis-aggregation events automatically based on the codified rules within a smart contract.
Permissioned retail / consumer goods blockchain network :
The potential game changing impact of this new technology on supply chains as a record keeping, verification, tracking and transaction switching mechanism that makes it easier and safer for businesses to work together over the Internet.
Pt 3 Coming Soon
- Some Important Features of Blockchain Technology in Supply Chain
- Detailed Supply Chain Architecture using Blockchain
- Possible Use Cases
- Software Requirements
- Hardware Requirements
- System Flow of Supply Chain Management Using Blockchain
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Regards
DeFi — Blockchain Developer
sdusane4@gmail.com
+91 9545828345
