Here are the top five benefits of blockchain in the supply chain management
Supply chain logistics have become much more challenging as a result of the exponentially higher demands of modern consumers. Customers now demand what they want, how they want it, and when they want it thanks to the Amazon effect. Enter blockchain, one of the most hyped technologies around today. Blockchain for supply chain logistics can provide reliable and secure digital information sharing across a vast network.
Here are five ways blockchain in logistics can assist manufacturers, distributors, retailers, and suppliers in meeting consumer demand for more varied product deliveries that arrive more quickly and conveniently.
1. Validate Provenance Along the Supply Chain
As they move through the supply chain, high-value goods and assets need to be examined more closely, according to Greg Carter, CTO of Scottsdale, Arizona-based GlobalTranz, a provider of transportation and logistics services. When handling valuable items, blockchain provides assurance that the data hasn’t been disrupted or corrupted.
2. Create Transparency
Transparency is the main advantage of implementing blockchain in supply chain logistics, according to Andy Stinnes, a venture partner with San Francisco’s Cloud Apps Capital Partners. One area of the supply chain where the complexity of managing and coordinating across numerous partners is particularly noticeable is transportation logistics. According to Stinnes, the simplicity of information interchange is the value proposition for blockchain in supply chain logistics.
3. Offer Quality Assurance
According to Carter, the use of blockchain in supply chain logistics enables all parties involved in a transaction to have access to crucial information that is needed to confirm key milestones.
4. Provide Cost Savings
According to Stinnes, utilizing blockchain will also enable businesses to save money. With the use of blockchain, some manual processes that are presently necessary for transportation logistics procedures could be eliminated, improving efficiency and reducing the margin for mistakes. Because shipments will reach their destinations faster, Stinnes said that results in cost savings.
5. Boost Track and Trace
Businesses can use blockchain to follow a product from its point of origin and establish whether it is made of the right components and whether the manufacturer who sent it truly produced it. This prevents fraud by making sure that phoney products aren’t shipped. Additionally, in terms of theft, blockchain enables businesses to ascertain whether the chain of custody is broken at any stage of the transport.
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