Build a Transparent Supply Chain using Blockchain Technology
The technological advancements and rapid expansion in the manufacturing industry have made a great impact on the supply chain globally. Artificial Intelligence is now taking over quality control whereas drones and IoT are monitoring manufacturing and maintenance. More than 1.9 million robots are already deployed in warehouses and manufacturing companies globally.
In a highly competitive market, companies need to be more flexible, agile, and responsive to exist and survive. The companies that look for continuous innovation throughout supply chains are the ones that succeed. The supply chain has evolved rapidly over the past two years, and therefore improving efficiency and transparency has become critical. Fortunately, Blockchain technology has come up to simplify processes and support the supply chain throughout.
How is Blockchain technology making Supply Chains effective and transparent?
Blockchain technology allows you to safely and transparently track all types of transactions. The companies can track a product from beginning to end using Blockchain sophisticated technology. The transactions are securely logged, creating a lasting record from the manufacturer to the customer.
Parties communicating on a single shared platform can use Blockchain technology to reduce transaction delays, human errors, and costs. Supply chain activities that are simplified lower the danger of fraud. A shared blockchain ledger provides a reliable and tamper-proof audit trail of information, inventories, and transactions. Shipments can be tracked, logistics data can be synchronized, and payments can be automated.
Records on the Blockchain cannot be erased, that makes a supply chain more transparent. Every step of the supply chain is securely recorded, allowing logistics issues to be traced back to their source. Similarly, sourcing components may be traced back to their source, improving accountability and transparency while also reducing illicit activities.
Blockchain technology improves global supply chain efficiency by allowing businesses to complete transactions without the involvement of third parties. It also enables more data collaboration between stakeholders by facilitating increased integration of financial and logistics services.
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