Supply chain is the process involved from the inception of producing goods to the delivery to the end customer. Each Blockchain contains a set of transactions entered in the distributed public ledger. With the help of Blockchain, the Supply chain process can be easier and transparent.
By using Blockchain in Supply chain, you can create a secured peer-to-peer network. Without any third party intervention, the Blockchain then can not be manipulated.
Role of Blockchain in Supply Chain Process
Improve Inventory Management
Blockchain will order inventory data into sets in the private blockchain to downsize them.
Eliminate Manual Errors and Frauds
There are several points from the inception to delivery which cause manual errors and frauds. Blockchain will obliterate these errors by its transparency
Reduced Courier Costs
Transportation costs are significant part of a company’s overall logistics spend. Blockchain reduces the transportation and courier costs of the ongoing supply chain in the enterprise
Enhance Customer-Retailer Relationship
Customer-Retailer relationship is the heart of any successful collaboration. By using blockchain in supply chains, the extensive use of blockchain technology will assure you to enhance the customer relationship to your enterprise
Attributes of Supply Chain Development
- Cryptographic ledgers
- Supply Chains cover ledgers of every transactions inside the network. These encrypted transactions are confidential and cannot be viewed by anyone else outside the network
- No third party involvement
- Supply chain is a peer-to-peer network that will not allow any third party viewers to view the transaction sets in the ledgers
- Shared Datasets
- Share the transaction via datasets in the transaction ledgers so that the business transactions will work over seamlessly
- Secured, transparent and trustable
- The business transactions can happen within the secure environment thanks to Blockchain’s features
- Immutable transactions
- Transactions happen in the supply chain are certainly immutable due to security concerns in supply chain ledgers
We'd love to hear from you
We are here to provide you with more information, answer any questions you may have and create an effective solution for your instructional needs.