Supply chain has old business models and old technology that does not meet today’s production and management parameters. These systems have become more scattered and complicated. This makes supply chain a chaotic and fraudulent process which has become excruciating to handle. By integrating blockchain with supply chain we can reclaim the visibility and efficiency. Supply chain is getting revolutionized with the infusion of blockchain and with it system is getting more transparent and assuring better management of goods and services as they move along the timeline.
Current supply chain issues that hamper Bottom Line
- No dependable methods to validate the authenticity of products from different locations.
- Difficult to Track events and trace any incidents.
- Zero transparency across entire chain.
- Unfair cost of production of goods and services.
- No ownership and accountability of wrongful actions.
Blockchain can end the flaws of conventional supply chain system
Blockchain is a decentralized distributed ledger which has all the records of data stored as blocks and are shared publicly. As per our study from a leading website that updates and analyses supply chain related challenges, blockchain based supply chain solutions can cater to most of the challenges. Every block of transaction that is added to the chain and is time stamped; it is also tamper proof which makes it more secure.
The two primary characteristics of blockchain that makes it ideal for supply chain are:
1) Decentralized ledger:
The distributed ledger technology enables to trace the accountability and ownership of the various events occurring at various levels of transition. Blockchain is a peer to peer network where everyone maintains their own copy of ledger and could verify the authenticity of goods and services. This network is more transparent and accessible for everyone. Blockchain development companies assist professionals to share information online and be accountable of that information.
2) Multiple copies
All the transactions are recorded in the ledger form and everyone on the network maintains their own copy of ledger which is time stamped, also updated every second. CRM Development Services integration with network ensure that the data there is immutable and is tamper proof. Identifying problems is also easy as blocks of information forms a chain of time stamped transactions. This makes error management and accountability of wrongful acts much easier.
Advantages of using blockchain in supplychain
Supplychain is entirely based on transaction data which is shared at various levels of travelling goods and services. It is maintained by a number of authorities so it becomes erroneous and inefficient. Blockchain offers great benefits throughout.
1) Improved Transparency
Keeping records of the transactions from origin to destination and in between touchpoints will encourage more trust and authenticity, hence making the network more transparent.
2) Increased Scalability
On a blockchain network there can be any number of participants viewing and sharing information on a secure and reliable platform.
3) Enhance Security
It is immutable data sharing network, where the information is tamper proof and is time stamped. Further more Blockchain Wallet Development and integration with payments systems will assist in transaction cost free, faster and secure payments
4) Modern Opportunities
There are upcoming new advancements of blockchain which will result in disruption in businesses. A custom software development company can use the blockchian integration with blockchain solution to provide fast and reliable solutions.
At NetSet Software we are adopting blockchain business development model which is disrupting the old business models. We are ready with our proof of concept using blockchain integrated Supply chain model. For more information contact us on direct@netsetsoftware.com.
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