The digital record-keeping system known as the blockchain, which powers Bitcoin and other cryptocurrency networks, has the potential to revolutionise the economic sector. But supply chain management is a different area where it shows huge promise. Blockchain can improve supply chains by facilitating faster and more cost-effective product delivery, strengthening product traceability, improving partner coordination, and helping access to funding.
Distributed database, that records incoming data in chronological order, splits them into chunks (blocks) and connects these blocks through a mathematical hash function (chain). If the data consists of transactions, it becomes a ledger. The blockchain technology is very resistant to outside attacks when properly implemented.
What Do You Mean By Supply Chain Transparency?
A transparent supply chain means businesses can tell internal and external stakeholders, including customers, where and how their products are made based on trustworthy data.
Benefits
▪ Trusted system of record that can’t be changed
▪ Auditable out of the box
▪ Traceable throughout the supply chain
▪ Real-time integration with IoT
▪ Reduction in counterfeit items
How Are Businesses Achieving Supply Chain Transparency As A Result Of Evolving Technology?
The combination of AI and blockchain is being hailed as the solution to supply chain transparency, particularly when used to stop the distribution of fake, stolen, or counterfeit items. It enhances compliance, increases material traceability, and helps organisations handle data in real-time.
Everyone believes a contemporary supply chain is managed by a blockchain, algorithms, ERP, or inventory control software. The fact is that a supply chain is dependent on partner trust and mutually beneficial partnerships.
Blockchain is a database accessible around the clock for individuals who don’t trust one another. Establishing trustworthy relationships with suppliers while also holding them accountable for third-party assurance and verification, including audits is essential.
Conclusion:
If you are looking for the best supply chain managing companies, you have come to the best place! Cold Chain Packing & Logistics is here to help you. To guarantee that our customers receive the highest level of efficiency and attention throughout the life cycle of their shipments, we offer professional and tailored supply chain solutions.
We have a global footprint through carefully chosen and completely compliant partners with demonstrated experience and strict quality requirements. We aim to provide a customised end-to-end solution adaptable to our customers’ demands while showing efficiency and rapid reaction.