Blockchain-Technology

Modern supply chains have become cumbersome in the sense that they operate in multiple geographies of the world in multiple time zones and involve multiple manufacturers, vendors, suppliers, bankers, and lawyers, all of which add to extra cost and delay. Service providers and clients need to interact via third parties such as banks to build up trust, which makes the transactions lengthy and slow. With its self-executing supply chain contracts and innovative features of provenance, consensus, and immutability, supply chain blockchain can help in improving the efficiency of modern blockchains and their management. Keeping multiple copies of truth Unlike a bank which is highly centralized, blockchain is a decentralized ledger consisting of a network of nodes that keep an updated copy of the ledger or every transaction occurring in the network. That way, there are multiple copies of ‘truth’ in the nodes of a blockchain, and any attempt to falsify the information would mean fa...

To boost your company’s efficiency and productivity, along with the overall bottom line, it is essential to pay attention to supply chain management. SCM is a combined approach to obtain the services or goods from your company to customers. Several objectives and goals of supply chain management help you in achieving a competitive advantage in your marketplace – optimized logistics, long-term stability, and collaborative efficiency, quality improvement with an overall result of developing a supply chain that is profitable and productive too. What actually a supply chain is? It is the connected network of organizations, technologies, individuals, activities, and resources included in the manufacture and sale of a service or product. The supply chain of your company begins with the sale and supply of raw material required for production and ends with the supply of the service or product to the end consumer. As there are several steps along the way, SCM enables you to look at each s...

Blockchain is rapidly being integrated into various industries and across multiple functions, and supply chain holds tremendous potential  for the integration of technology in its multifarious areas such as product tractability, supplier payment, verifying certifications and properties of products, sharing information about manufacturing process, and determining if a food product is organic or fair trade. Fraud and counterfeiting prevention Every time a product changes hands, a permanent history of its movement is recorded immutably in the blocks of chain that not only makes the documentation transparent but also reduces delays and human errors plaguing the current supply chain transactions. Blockchain is highly secure as its every block is linked to the one before and after it, and it is literally impossible to do fraud with blockchain transactions as one will have to alter all blocks of the chain, which is tremendously difficult and financially prohibitive for anyone to att...