Blockchain can be applied to many challenges of the Supply Chain industry such as complicated record keeping and tracking of products. As a less corruptible and better-automated alternative to centralized databases.
Supply chain management includes the integrated planning as well as the execution of different processes. This involves material flow, information flow as well as financial capital flow.
We have closely examined the benefits that blockchain brings to the supply chain. In today’s digital marketplace, they’re far-reaching and already within reach. Supply Chain leaders must act now to capture opportunities from blockchain in core areas of operations.
Need for Blockchain in Supply chain
Large enterprises and supply chain leaders are recognizing the power blockchain can have on their products in three main ways
Tradability
Using blockchain, one may “tokenize” an asset by splitting an object into shares which digitally represent ownership.
Traceability
Builds trust by capturing key data points, such as certifications and claims, and then provides open access to this data publicly.
Transparency
Builds trust by capturing key data points, such as certifications and claims, and then provides open access to this data publicly.