Use cases of Blockchain in Supply Chain and its importance

Reliable, efficient, and end-to-end communications across geographically dispersed partner ecosystems are essential for successful supply chain operations. The application of Blockchain in e-commerce supply chain management is gaining popularity and attention.

Blockchain can offer the safest and most secure system that other technologies fail to give, showcasing as a game-changer in supply chain management. A multi-tiered supply system of suppliers, partners, and customers will benefit from it.


In this blog, let us see some of the use cases of Blockchain for the supply chain and why it's crucial.


Why do companies opt for Blockchain in the supply chain?


Blockchain is a distributed, immutable, and decentralized database that allows data to be accessible and recoverable at any time. It uses a distributed and immutable network to make tracing information easier, also prohibiting data tampering.


Blockchain in SCM allows for complete verification and analysis of any transaction. Thus entities can build trust as transactions are authenticated and secured, thereby exhibiting a high level of transparency.



Use cases of Blockchain in supply chain 


Faster Invoice and Payments


In general, invoice payments take quite a bit of time. Through smart contracts, payments can be made faster as soon as the product is delivered. This is possible by combining supply chain finance and blockchain technology. 


In Logistics


Third parties play a significant role in interactions between suppliers, partners, and customers. By implementing Blockchain, any transaction can be recorded, stored, verified, and coordinated along the supply chain without any third-party involvement.


Global Payment Option


Since Blockchain is decentralized, it allows for global payments where customers can pay from anywhere in the world, and it provides real-time verification of transactions without intermediaries. As a result, faster, secured, low-cost international transactions are possible. Through cryptocurrencies, a concern can directly pay its suppliers.


Product Traceability 


Certain products need particular storage and shipping methods. Blockchain allied to IoT sensors can record temperature, humidity, environmental factors, and other metrics. 


Example: Food and Pharmaceutical products.

 

The optimum standards that the product should be maintained are stored in the Blockchain, and smart contracts can be applied to ensure automatic rectification if any conditions go out of the limit.  



What is our best offer?


The above use cases can be applied to e-commerce as well. Implementing Blockchain in e-commerce supply chain management can give noticeable benefits and improvements.


At Blockchain Firm, we offer blockchain-based SCM solutions to clients globally. We offer robust, secure, and customized services with an aim to enhance traditional supply chain processes by integrating blockchain technology.


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