Blockchain In Supply Chain - Unfolded Benefits And Execution

Every day one technology is edging over the other. In this way, Blockchain Technology is now adopted by market leaders to make more profit and to provide better services than the competition. Likewise, Blockchain in e-commerce SCM is the next big buzz that goes around.

In today’s world, most of the supply chains operate without blockchain technology. Yet, the top players in the global markets like IBM and Walmart are carrying out projects that use blockchain technology to make their business processes more efficient and accurate.


In this blog, we will witness how blockchain technology can provide value addition to the supply chain. 


What is blockchain and why is it important?


Blockchain is a specific type of database that adopts a decentralized and immutable system that makes it hard to manipulate the data, thereby adding more safety and security to the data stored. 


In simple terms, blockchain is a distributed, decentralized, and immutable ledger that offers excellent data security, data retrieval, and data accessing options. This works as the USP of blockchain.


Places where blockchain can improve supply chain 


Faster Processes


Most of the suppliers in the supply chain still rely on paperworks that is carried out manually i.e., invoices, payments, approvals, etc are time-consuming and slow. When blockchain is applied to such processes, it makes them faster and easier.


Promotes Traceability


Blockchain implementation in the supply chain can offer product tracing, starting from raw materials to product delivery. This reduces the costs and time spent on resolving quality issues such as rework, defects reduction, and in some instances, loss in the reputation of suppliers. 




Reduced Transaction Costs 


Through blockchain technology, we can build decentralized payment systems where customers, suppliers, manufacturers, distributors, and retailers can make payments from anywhere at any time without any third-party interventions.


It reduces the significant transaction costs and time associated with it and also provides authentication and validation of transactions. By crypto payment methods, we can eliminate the additional time that it takes to make or receive international payments. 


Smart contracts in the supply chain


It's highly important to consider what type of blockchain is required for managing a supply chain. Supply Chains are multi-tiered and involve many parties where blockchain implementation can provide trust, transparency, and traceability among all these parties.


Smart contracts, supported by blockchain, can be used to manage orders, payments, and replenishment. Also, in smart contracts, information such as order quantity, reorder time, reorder level, and number of orders can be included to make the process more seamless and efficient. 


What do we do?


We have seen what blockchain can offer in the supply chain. Adopting Blockchain in e-commerce SCM benefits customers, producers, manufacturers, and suppliers at every stage possibly.


Blockchain Firm offers innovative supply chain solutions to a wide range of global clients, enhancing their existing systems by eliminating inefficiencies.

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