"Blockchain-based supply chain traceability solutions"

Assalam O Alaikum

Hello, dear friends! Well, come to my post. How are you all? I hope you will be doing well, by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Blockchain-based supply chain traceability solutions" in this Steem Alliance community. So let's start without any further delay.

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Friends, in the global ecosystem of finance and supply chain management systems, transparency, traceability, and efficiency are of great concern because every individual or participant in the network wants to keep an eye on everything happening within the network and also wants to trace each transaction with his own eyes. So in the past few years, the traditional supply chain management systems have failed to provide a wide range of traceability solutions to people.

That thing has negatively impacted those networks that failed, and thus their reputation has been reduced massively. But now a days, blockchain technology has taken its place and has revolutionised the whole ecosystem of finance and supply chain management strategies as well. This is because blockchain technology comes with various unique features and benefits.

This is because the companies and their participants demand a level of security, privacy, transparency, and reliability in their supply chain management systems, and blockchain technology is providing all these facilities to them. Within the blockchain technology, each and every transaction is recorded online with the help of smart contracts and special cryptographic techniques, which make it easier for people to trace.

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Furthermore, traditional supply chain management systems are bound to fragments, and most of the information in them remains opaque to the eyes of participants. But in blockchain-based supply chain management systems, each and every transaction is visible to everyone within the network. That is why people trust such supply chain management systems.

Blockchain technology comes with various benefits. Within the supply chain management systems, it enhances traceability, transparency, and reliability of transactions and materials in the network. In this regard, we can say that if a company is utilising blockchain technology in their supply chain management, they can trace every sort of information and data.

They can keep an eye on their supply, such as raw materials, products, investments, and sales, on a daily basis too. Also, they can keep in contact with suppliers, distributors, and salespeople, as each sort of information is recorded in the distributed ledger of blockchain technology. After that, they can check their history at any moment they want.

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In this regard, we can say that decentralized and blockchain technology enhance the security of their information and products because when the owners of a company remain familiar with every happening within their company, they will also remain away from counter-fitting, corruption, and other fraudulent activities by their employees.

In addition, in traditional supply chain management systems, many intermediaries and third parties are involved who have to perform various activities, including the documentation of their products, verification, and many others. And all these things cause a supply delay, and many other errors may occur, which can affect the platform negatively.

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But with the advent of blockchain technology, that issue has been solved beautifully. This is because, due to the presence of blockchain technology, all these things happen online, which also reduces the involvement of different identities and third parties. In this regard, smart contracts verify all the information and make the transaction easier, faster, quicker, and more seamless.

Security also plays a crucial role in the traceability of supply chain management systems, but blockchain technology has also massively improved it. This is because when the transactions are done or recorded, they can't be reversed or altered, and they remain visible to everyone within the network. So here we can say that blockchain technology also improves the security of supply chain management systems.

Conclusion

In conclusion, we can say that blockchain technology has revolutionised the whole ecosystem of finance and supply chain management systems by making each and every transaction easily traceable and accessible to everyone. Seeing all these positive aspects, we can say that their future is looking very bright, as blockchain technology is providing promising solutions for them and making the platforms more successful and reliable for people.

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Written by @abdullahw2

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Thanks All ❤️

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