A decentralized and distributed ledger technology called blockchain is used to securely record and verify transactions across multiple computers. And today we will discuss blockchain and supply chain transparency. Blockchain is used to create an immutable and transparent record of every transaction or event in the supply chain that is created in terms of supply chain transparency. It reduces the risk of fraud and error because it ensures that all participants in the supply chain have access to the same information. Information visibility here refers to supply chain transparency, information about the origin and journey and handling of products within the supply chain. Companies can use blockchain to increase transparency by providing a tamper-resistant and auditable trail of their transactions. It can be used for a variety of important purposes such as helping to track the origin of raw materials, verify product authenticity, and ensure ethical practices throughout the supply chain.

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Let's delve deeper into how blockchain improves supply chain transparency. On deeper investigation, there are 7 main points to note. For example –

1. irreversible laser.
2. Decentralization.
3. Smart contract.
4. Real-time visibility.
5. Traceability.
6. mesh reduction
7. Data security and privacy.

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We all know how blockchain is structured and how it works. Usually blockchain is made up of numerous blocks and the number of blocks increases when someone new or something new is added. That is, a list of transactions is recorded in each block of the blockchain. And once a piece of information is recorded here, it cannot be changed. And this immutability ensures that records of transactions in the supply chain are tamper-proof, providing a reliable and immutable history of product movement. On the other hand, each participant in the supply chain has a copy of the entire blockchain, as opposed to traditional centralized databases. That is, it works on a decentralized network of blockchain computers. Decentralization makes it more challenging for malicious actors to manipulate or compromise data and reduces the risk of a single point of failure.

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Another notable thing in the crypto world is smart contracts. We have already discussed in detail what smart contracts are. However, for today's topic we will talk about it briefly. In fact, smart contracts are a technology that can be self-executing with predefined rules. And it can automatically enforce contracts between parties in supply chain management. For example we can say that it reduces the need for middlemen and potential disputes i.e. payments can be automatically triggered upon successful delivery of goods.

Supply chain participants can help identify bottlenecks, reduce delays, and improve overall efficiency because participants can access real-time information about product status and location. On the other hand, each product in the supply chain, its journey from the manufacturer to the end consumer, is recorded on the blockchain and assigned a unique identifier. And that's because blockchain enables end-to-end traceability of products. Consumers can use information in a variety of ways, for example—to check their origin, to ensure compliance with ethical and sustainability standards, and to verify product authenticity, etc.

Blockchain helps fight counterfeit goods by providing a transparent and traceable record. And as a result, consumers can quickly detect any attempts to introduce counterfeit items into the supply chain and verify product authenticity. We all know that blockchain uses cryptographic techniques to secure data. And best of all, since participants have control over their private keys, this ensures that sensitive information is accessible only to authorized parties.

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So friends, that's it for today. Let me know in your comments what you think of today's topic. I am ending here wishing everyone good health. All be well and stay healthy.

Thank You