Specifically, blockchain is highly relevant to supply chain management. However, you may be asking yourself how and why blockchain relates so easily to supply chain management. One example is within the food and pharmaceutical industry. This can apply simply by enterprises understanding the value of storage needs. For instance, using sensors to record temperature either within fridges or in particular perishable foods or medications, or even transport of these goods. This information in itself can be stored on a blockchain to make sure the data is secure and it can-not be prone to human error. The blockchain brings such elements of reliability and integrity to the forefront of the supply chain industry providing consensus nonetheless.
All in all, blockchain enables supply chain networks to create one shared truth without too much fuss. The blockchain acts as an intermediary between all parties, where each party has a copy of the ledger. Attempting to manipulate any part of the blockchain thus becomes almost impossible since multiple copies are held between different parties. For example, if one blockchain from a particular network was hacked, it would only manipulate that one copy, not every single copy of the ledger. Some of the benefits of using blockchain technology include reducing & eliminating fraud and errors, improving inventory & asset management, minimising freight costs, reduces delays in manual paperwork, identifies issues more quickly, and lastly increases consumer & partner trust instantly.
Awarded by India Biologics & Vaccines Outstanding Industry Awards 2022
by Alcott Global on Supplify's Supply Chain Tech Map 2.0
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