Deliver High Value to Trading Relationships and Customers With Supply Chain Consulting


Friction in today’s complicated supply chains is a big problem. Suppliers, vendors and clients have to deal via third parties, instead of directly with each other, making simple transactions turn into lengthy procedures.
Blockchain could be the answer to the issues faced by current supply chains. It can be used for anything, from self-executing contracts to automated cold chain management and a lot other purposes. Blockchain maintains multiple copies of records over numerous computers known as nodes. The distributed ledger becomes secure as new block of the chain is linked to the previous one in such a manner that tampering becomes practically impossible. Nodes of the blockchain network get updated version of each new entry. Multiple copies of the ledger are the “truth” about transactions made, and to falsify a blockchain, all copies need to be falsified precisely at the same moment, which is highly improbable for anyone to achieve.

A blockchain can be effectively used to meet the key requirements of reliability and integrity of a supply chain through below ways:
Consensus: It provides consensus on payments, transport, delivery etc. as all entries in the blocks have to agree that the transaction is valid.
Provenance: Entries in the chain know wherefrom each asset in the chain came from, and who owned them at what time.
Immutability: Blockchain keeps immutable records of entries, so supply chain cannot be falsified, nor inventory records.
Trust: The immutable nature of blockchain is designed to prevent tampering and establish trust.             
Finality: Copies of the shared ledger all hold the same truth of version that provides finality to the transactions.
Blockchain use cases
Here are some of the blockchain use cases in supply chain:
Drugs and pharmaceuticals
Blockchain can be used to reap benefits in pharmaceutical industry by tracking counterfeit medicine. Drugs can be nagged and bar coded, and their records kept in secure digital blocks. Records can be updated in real time throughout the medicine journey with authorized parties only allowed access to records.
Automotive supplier payment
Payments can be transferred directly from the payer to payee in a blockchain without the need of a bank. These are secure and rapid, compared to the days it takes for automated clearing house payments.
Cold chain monitoring  
Sensors on sensitive products such as food, pharmaceuticals and seafood that require specialized storage can be used to record temperature, humidity and other vital parameters. These parameters can be stored on blockchain in a permanent and tamperproof manner. In case the storage conditions deviate, smart contract may trigger action to correct the situation that could include adjusting the parameters, applying penalty or declaring the product unfit for consumption.
Blockchain consulting of your supply chain
A combination of blockchain technology, smart contracts and IoT sensors can reimagine the core systems of supply chain. To achieve this, you need to approach supply chain blockchainconsultants who could integrate the technology into your business process for best outcomes.
Group50 offers supply chainblockchain consulting to small and medium businesses on how they can leverage the potential benefits of this disruptive technology. The consulting has implemented several blockchain projects for SMEs. Approach Group50 for your blockchain consulting and integration needs to outsmart the competitors.

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