What is Blockchain in Supply Chain Management?
Blockchain is revolutionizing supply chain management at its core. Its transparent, persistent, and decentralized architecture is helping the logistics firms in downsizing three key challenges:
Here’s what the numbers say:
In the context of supply chain management, blockchain:
Within the blockchain network, the firms can hassle-free trace the goods and services from the source to the current destination.
It records every “in-transit” movement in the permanent digital ledger, visible to the multi-party involved and the end customers. This level of transparency establishes credibility across all associated channels and mitigates security risks.
Eventually, blockchain makes supply chain operations super efficient and diminishes the possibilities of human error, unwanted delays, and additional costs. Moreover, it eliminates the role of intermediaries, which minimizes the risk of fraudulence.
In data breach and counterfeit cases, blockchain detects the exact vulnerable point. As a result, it allows firms to operate logistics functions in ‘zero trust’ environments.
It also empowers firms to streamline supply chain activities, trace shipments, automate payments, and detect error vulnerabilities.
Above all, the supply chain information is entirely secure under the principle of least privilege (POLP). So, leverage the immense opportunities of blockchain and level up your supply chain business.