Transforming Businesses
Transforming Businesses
Blockchain tech offers immense possibilities for managing supply chain and logistics. When the products or assets change hands it can easily be documented facilitating preservation of the accurate history. Blockchain allows subsequent addition to the data registry and prevent tampering or deletion just fit to this typical requirement. Thanks to Blockchain all kinds of information concerning the delay, changes of carrier, cost and faults can be preserved as data without any limit of addition.
Many supply chains are already taking advantage of the Blockchain technology creating great value in terms of efficiency and delivery. Industry experts are of opinion that Blockchain can play great role in managing a variety of tasks crucial to the industry.
Some of the key tasks in which Blockchain can play great role in boosting efficiency include the following:
Keeping record of the asset transfer and quantity
The quantity of the assets like containers, pallets, trailers etc can be maintained as the data while they change hands or travel between the two points in a supply chain.
Keeping track of the orders and subsequent changes
With the power of Blockchain data registry the purchase orders and transactional elements like receipts, notifications of shipment and all documents concerning trade can be easily tracked realtime and preserved as open source data.
Digital and geo-tagging
With Blockchain you can easily tag various goods with bar codes, serial numbers, RFID, etc and can make the information available over a shared secured network.
Certification assignment and verification
In a supply chain it is common practice to add certification to products or verifying such certifications as and when required. For example, the levelling of food products as organic one or a traded good as fair priced can be considered as necessary. Such additional layer of data concerning each product in the supply chain can be maintained and preserved, thanks to Blockchain registry.
Information sharing about manufacturing
Any manufacturing process requires sharing information to streamline and ease the process through assembly, delivery, and maintenance with all stakeholders including suppliers and vendors, and Blockchain can seamlessly and accurately facilitate it.
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Blockchain irrespective of the type of application offers an array of benefits for various business processes and purposes.
Great transparency
Blockchain offers exceptional transparency of information through sharing, enhanced to a great extent. Blockchain allows clear documentation concerning the journey of a product in a supply chain.
Unmatched scalability
Thanks to easy access to product information across the touchpoints optimum scalability can be maintained with Blockchain. With such detailed documentation the origin of a product to various touch points that are clearly left for easy accessibility.
High security standard
With Blockchain a codified ledger can be maintained that is completely tamper proof and incorruptible. This literally means you need to depend less on internal audits when using Blockchain actively.
Huge opportunities for innovation
The decentralized data ledger and shared architecture with full proof security allows more innovation as various minds can work on the same data stream.
With many future thinking innovative brains and high end service providers actively using Blockchain to facilitate transparent work process, logistics and supply chain management in the time to come will depend more on this technology.
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