Blockchain Technology and Supply Chain Management

Peace be up you my dear friends, how are you all? I hope that by God's grace and mercy you are all well. Today I'm here to try a very informative blog with you, so let's get started without wasting anytime.

Blockchain Revolutionizing Supply Chain Management

Blockchain Technology is stepping up day by day in various industries and one of the most important area where it is impacting is supply chain management.I will talk how blockchain revolutionized supply chain process by increasing various factors such as transparency , effeciencey etc.

In the past supply chains had a problem because they were not visible and people was not able to see what was happening in real-time. Blockchain address this problem and works like super clear and open record book that everyone involved in the supply chain can view transactions.

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Each entry is time stamped and immutable, ensuring a single version that is accessible to authorized parties. This strategy reduce the risk of frauds and also enhance the trust of users.

One of the major challenge in supply chain management is the ability to trace origin of the product. We all know that there are proper need of the dress ability of all the products that are supplied in the market and this is not possible properly with the help of the traditional systems.

So the blockchain technology is also helping in this way of maintaining the dress ability of all the products that are supplied in a particular market whether it is a market of any physical asset or a digital asset. Each product which is supplied in the market is properly stored and a record of that transactions are permanently stored in the Blockchain.

The inefficiency of the traditional system of the supply management has always been a very important issue. The involvement of the third parties and the flow of the record from the upper level to the lower level employees is a very time consuming process and thus this my cars the inefficiency of the overall system.

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But with the involvement of the blockchain technology in the management and supply chain network their has been a lot of improvement because the decentralized system of blockchain remove the need of any third party and different level employees and thus the process of ply chain management can be improved very much.

As you all know that the blockchain technology is very much transparent and decentralized so there are very less chances that there is any illegal or inappropriate activity performed during the management of the supply chain or marketing of any product.

It is a common activities observed in daily life that there is somehow the involvement of such employees at different levels in a system who are crafting the system and making it disturbed. But due to the presence of the blocks and Technology everything will be transparent and decentralized so the filtration of scamming activities is also possible.

Conclusion

Blockchain Technology has created impact on supply chain management. Its ability to provide transparency traceability and efficiency make many changes.

The future hold the promise of more secure and transparent supply chain processes by using blockchain technology.