Technology has drastically advanced in the last decade. Now we carry mobile devices everywhere, which are powerful computers, thanks to the convergence of mobile broadband technology and the Cloud, making it easier to share data in a faster way given its excellent technology coverage to instant communications. And here is where Cloud and Blockchain come in when innovating our Supply Chain in ways that would have been unthinkable a short while ago.
Blockchain technology is now changing the way industries operate around the Globe. Blockchain brings flexibility, speed, security, and integration with your data to accelerate and optimise development. Supply Chain Management gained a lot when it started introducing Blockchain in their business.
The Blockchain is still to mature for excellence.
We can take, for example, many finance records related to Supply Chain Management, which are often kept in faxes, spreadsheets, email, and "white paper." Most of the time, this information is at risk because it is stored at different disconnected locations, not being able to be shared or gain access to it by all stakeholders involved; all these causes vulnerability to losses, compromising trust in the Supply Chain.
Supply Chain Management efficiency and transparency
The supply chain requires effective, efficient communication and coordination among business partners across the globe and is Blockchain that stands out best in precisely this type of scenario when it is leveraged for transparent information sharing among multiple parties. Besides, it provides the ability to with authority record transactions in a manipulate -proof mutually distributed ledger. Blockchain can be used in numerous supply chains. For example:
Jewellery Industry- Trust is indispensable when a valuable commodity is being traded; Blockchain tracks the source of gems through their journey from the mine to the storefront window. It also enables participants to quickly check the validity of transactions at each step, reducing the number of steps required to confirm a precious stone’s origin throughout the Supply Chain under a manual paper-based system.
Governments also recognise Blockchain’s potential to revolutionise the Supply Chain. Implementing Blockchain in combination with complementary technologies like AI and IoT. Governments require an accurate audit trail to authenticate the origin of goods moving into its frontiers via the international Supply Chain.
Governments furnished with more efficient and transparent access to information through Blockchain could cut down trade documentation such as licenses, permits and payment evidence. This technological advancement accelerates the time it takes to process authorisation for goods entering the country, reducing costs associated with a manual paper-based procedure that is often susceptible to human mistake. In this way, International Trade could progress more rapidly and inexpensively, benefiting consumers worldwide.
Food Industry - Using Blockchain to eliminate instances of food fraud in which genuine products are fraudulently changed out for lower-quality or imitation of goods. Blockchain will track goods like health supplements and dairy products as they are shipped from one country to another. Blockchain can help increase consumer trust in its products and thereby reinforces its rank in the market
Summing up: Blockchain is still to mature for excellence. Thus, businesses are more and more each day adopting it for essential operations in the Supply Chain Management. Blockchain offers excellent potential as a platform upon which many of our trusted trades could soon hold on, by providing transparent audit trails of goods that are globally sourced, then verifying their origin as they reach their ports of call. As such, it has an opportunity to transform the way the supply chain runs from end to end, across the world.
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