Supply Chain Management: Investigate how blockchain can enhance transparency and accountability.

shahariar1 (71)SOA [Mod]in Steem Alliance • 10 hours ago (edited)

Steem Alliance

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Blockchain a new technology offers a considerable impact on the supply chain management by providing advanced transparency, traceability, and trust. Let's delve into the details:Let's delve into the details:

(i) Transparency and Accountability:

Inherent Transparency: Blockchain works on distributed ledger whereby all the transactions are made public. This makes identification of the products affected by a particular issue easy and fast since the Company society has an inherent degree of transparency.

Tamperproof History: Blockchain technology generates a full chain of record of the information flows, inventories, and financial transactions. This increase in transparency also helps in increasing accountability because once records are put in the system they cannot be edited.

Real-Time Visibility: Blockchain also delivers the real-time supply chain visibility by recording information in the chain thus making it transparent and virtually altering proof. It creates visibility that enables the stakeholders to observe processes, look for areas that are congested and solve problems as they arise.


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(ii) Traceability:

Product Traceability: Blockchain makes it possible to have full traceability of the products. Every process involved in the supply chain from the sourcing of the raw material to the final product is recorded on the blockchain system. It assists in tracking the background of products, their movement, as well as validating their genuineness.

Reducing Counterfeits: Blockchain has the ability to eliminate product details that have once been changed; thus, counterfeits cannot penetrate the genuine supply chain. This helps the consumers to authenticate products thus increasing trust and some level of safety in the aforementioned products.


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(iii) Coordination and Efficiency:

Streamlining Operations: Blockchain is a technological solution that simplifies the supply chain management as it cuts on paperwork and automation of records. From this efficiency, comes added product throughput and reduced costs.

Enhanced Coordination: Many departments can cooperate better, including the ones related to manufacturing, supplying, distributing, and selling products. This means that through blockchain, the need to communicate in between will be eased thus help to enhance coordination.

Smart Contracts: These self-executing contracts are instrumental in executing tasks in line with predetermined conditions. For example, the endorsement of payments when placing an order is delivered to authors is feasible through smart contracts.

(iv) Supply Chain Security:

Immutable Records: In the context of blockchain, this has the connotation that the data inputted into it cannot be changed or deleted. This minimizes addition or deletion of records on the supply chain by unauthorized people and ensures high record integrity.

Reducing Fraud: With the help of financial intermediaries’ exclusion and autonomy, blockchain decreases the fraud probability. It also prevents the same thing from being spent twice or its value from being changed clandestinely.

Secure Data Sharing: Through Blockchain, the exchange of enormous confidential information is possible within authorized personnel only. Data security is provided by with help of encryption and cryptographic methods.


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In conclusion, blockchain technology remains a very useful tool in supply chain management since it significantly increases accountability, transparency and thus, trust. Therefore, when implementing blockchain, companies have to limit membership list, choose the most appropriate consensus algorithm, and use measures to avoid mistakes and forgery. In so doing, organizations can achieve tough and viable supply chain management opportunities that would greatly impact various industries. Should one require further details or have certain queries, he or she is welcome to ask.