Blockchain for Supply Chain Management
Supply chain industry has become one of the most sought-after services in the present day market. Almost all the essential services depend on a reliable supply chain network. Depending on the type of product a standard supply chain delivery takes a lot of time, this is because the supply chain goes through several stages, covers multiple geographical locations, involves several third-party entities in-between and covers months of time. However, the excess demand for all these services has made the supply chain process extremely complicated. It delays a lot of time for the initiation of the payment process between the manufacturer and supplier or between the customer and the vendor.
Evolving trends in the Supply chain Industry.
A recently published article on Forbes explained how the current Supply chain industry is broken in many ways. Interestingly they made an excellent observation on the changes that the logistics industry has undergone over the years. Back in the days, supply chains were pretty simple, since most of the trading involved was localized. But ever since the emergence of personal computers and the internet, there has been a dynamic shift. The manufacturing process is entirely globalized now, with the supply chains becoming more complicated making it difficult for customers to know the actual value of products since there is a lack of transparency in the current system.
Blockchain technology and its inherent influence on the Logistics industry
A Blockchain is a decentralized distributed ledger that records all digital data that can’t be altered or tampered. The architecture is created in such a way that many users involved in the operations can access it without any unnecessary interference. Integrating this technology in the logistics industry will help the organizations to keep a track record of their transactions in a more secure and transparent way. In a typical Blockchain infused Supply chain management system, after every sale completion the product changes hands allowing the operations to get easily documented creating a permanent history of the product, which will include details about its manufacturing date and even point of sale which will drastically reduce the waiting time, and any unnecessary delays and costs.
Being an immutable ledger, Blockchain will boost the transparency of the process allowing the users to track their shipments with ease. It can change the possession and the ownership of goods as they move from the point of production to the point of retail. These details could be entered into the ledger permanently.
Our expertise in Blockchain technology
We at Blockchain app factory have realized the importance of Blockchain technology in today’s Supply chain industry. Being the pioneers of this technology, we have specially designed and crafted intelligent White label solutions which can effectively cater to the modern day requirements of organizations. The solutions we have devised are user-friendly and could be customized according to the needs of our clients. Due to its multi-faceted nature, this technology can effectively disrupt other industries namely banking, finance and the healthcare industry. A complete disruption of the supply chain industry will not happen overnight, but we believe over time Blockchain will effectively change the way we perceive how organizations function.
Currently, a few organizations have implemented Blockchain technology in their system with remarkable results. BHP Billiton, one of the largest mining firms has recently announced that they will be utilizing Blockchain to track and record data through the mining process with its vendors. Apart from that Diamond giant De Beers have started utilizing Blockchain technology to track stones from the point they are mined to the point where they are sold to the customers. With so many applications, in various segments, they have created a ripple effect on all the industries. The blockchain is predicted to transform the supply chains, their supportive ecosystems and industries and logistics industry. If you are looking forward to integrating this intriguing technology into your business operations, please do check our official website.
We are a premium Blockchain development company and have helped many reputed organizations in establishing a blockchain framework within their system.