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Why Blockchain is Essential in Supply chain management
Blockchain-enabledSupply Chainprovides solutions like maintaining proper inventory as a reliable and automated alternative to centralized databases. Blockchain provides solutions to reduce costs and improve every stage of supply chain management by
Major companies and organizations have a lot of elements in their supply chains. So, it becomes tough to keep track of each record. The lack of transparency leads may lead to cost and customer relations issues which may damage the brand name.
Provenance tracking becomes easy in the blockchain technology-enabled supply chain as the product information can be accessed through embedded sensors and RFID tags. The complete pathway of a product right from its origination to where it is in the present time can be traced through blockchain. This type of accurate provenance tracking can detect frauds in any stage of the supply chain.
The accurate tracking of a product in a supply chain using blockchain reduces the cost of moving items in a supply chain. More than one-third of people quoted that reduction of costs is the topmost benefit of the application of Blockchain in supply chain management.
The additional costs occurring in the system are automatically mitigated while still guaranteeing the security of transactions as the Blockchain speeds up administrative processes in supply chains. The eliminating intermediaries in the supply chain reduce the risks of fraud, product duplicating and saves money.
The most important advantage of using blockchain is that it allows the data to be easily exchanged and used. Companies can share information and data with manufacturers, vendors and the transparency in Blockchain reduces the delays in the supply chain. With real-time tracking of products, the chances of misplacements are reduced.
A few advantages of adopting Blockchain technology in the supply chain industry are:
• Eliminate fraud and errors
• Improved inventory management
• Reduced courier costs
• Reduce delays from paperwork
• Quick Identification of issues
• Increased trust with consumer and partner