Many companies know that they can get vital success using Blockchain Supply Chain Management system. Obviously, companies want to streamline their businesses in a more efficient manner. Without the doubt, they need to fetch their inventory quickly wherever needed to eliminate any hassle. More interestingly, Blockchain helps them to do that. Yes, you are hearing it right! I said Blockchain.
Earlier, Blockchain technology is only popular for its use for cryptocurrencies like Bitcoin, Ethereum etc. But soon, the scientists find out the other usages of this fabulous framework. Supply chain management is the best example of it.
A few supply chain firms are already using this technology & experts suggest that before getting too long, blockchain will establish itself as a universal ‘supply chain operating system’. Consider how the Blockchain supply chain could improvise the following tasks-
- Record the quantity & transfer of the assets like trailers, containers, pallets etc.
- Track the purchase orders, receipts, change orders, shipment notifications or any other trading related documents.
- Assign or verify certifications/certain properties of tangible products. For example, discovering whether a particular food product is organic or not.
- Link the physical products to their barcodes, serial numbers and digital tags. For example RFID etc.
- Share all the details of assembly, manufacturing process, delivery and maintenance of goods with their suppliers & vendors.
Main Advantages Of Using Blockchain Supply Chain Management:-
The biggest benefits of using blockchain supply chain are pellucidity and enhanced transparency. The complete product’s journey is documented (across the supply chain) so it reveals the true origin/ touchpoints of a particular product/goods. It increases the trust & eliminates the bias presented in today’s supply chain model. Manufacturers also share logs along with OEMs & regulators to reduce recalls.
It ensures improved scalability by allowing no of participants to access no of touchpoints.
Cost-Effective Order & Asset Tracking
Better visibility and greater tracking capabilities are the other two important advantages that come along with Blockchain technology. Enterprises and firms can now easily generate the detailed information about the life-cycle of a particular product along with manufacturing details, supplier data and other logistics information.
Easy to Identify Frauds
An indelible ledger having codified rules could potentially eliminate the risk of frauds by offering reinforced security & monitoring potential. So companies can readily identify the endeavored frauds in the massive data.
Minimize Auditing Errors
Occasionally, banks are not capable enough to identify all the possible overpayments details. Blockchain supply chain can help them in this kind of convoluted situation by generating finite paper trails and by isolating the key impediments. It definitely improves the prevention capacities of companies by verifying the affected system efficiently.
Better Consumer Retention
The blockchain is popularly known as consumer trust-builder technology. It gives more clarity to the supply chain by offering ‘live’, real-time and consistently connected-updates to consumers.
Hire The Best Blockchain Developers To Revitalize Your Supply Chain
The Blockchain Supply Chain services are rapidly growing its span from newly established a business to existing enterprises in the USA. SemiDot InfoTech can help you to hire Blockchain developers at the best prices in the market. Our Blockchain developers are extensively experienced in developing a flexible, scalable and high-performance app solution for various businesses. We give the apt solution to enhance your supply chain business. So take up the advantages of Blockchain Supply Chain now!