Revealing the use cases of blockchain technology in the current supply chain man

Posted by Evelyn Jane Heather on January 4th, 2021

Even in this technologically advanced world, supply chains could dramatically improve efficiency, tracking, and limit exploitative behaviors. 

The implementation of a blockchain-based supply chain from the best blockchain supply chain development company will bring traceability, transparency, and accountability in the movement of goods and commodities.

This technology can be applied to various industries to make the business process even more efficient and cut down the cost of supply chain infrastructure. 

How can blockchain make supply chain management more efficient?

Generally, the supply chain management network involves suppliers, retailers, manufactures, distributors, auditors, and customers. 

Blockchain technology has the capability to streamline the workflow for all the participants, no matter the size of the business network. It also provides a shared infrastructure for auditors to have greater visibility into the participant's activity along the value chain.

Now let us deeply discuss the use cases of blockchain technology in supply chain management. 

Cold chain traceability: 

Food and pharmaceutical products have similar storage and need as normal goods and commodities. When blockchain combined with IoT can be used to sense the temperature, vibration, humidity, and other environmental metrics. 

The product data is stored in the blockchain and the smart contracts are applied to ensure if the metrics are at their standard level. If the reading goes out of the range it is stored in the distributed ledger. 

Supply chain logistics: 

The dispute is a major problem for modern supply chains with many intermediaries and much back and forth between participants. The result is that suppliers, providers, and customers interact via third party entities rather than directly with each other. 

Blockchain being decentralized eliminates the middle man thus rendering direct communication between the network participants. This helps the participants involved in the logistics to encounter a streamlined process. 

Conclusion: 

As stated above blockchain technology will be the solution to many of the challenges and issues faced by the industry stakeholders. Apparently, it has become a necessity to stay informed of the most recent progress in the field to stay ahead of your opponent.