Add Greater Efficiency and Visibility to Your Supply Chain With Blockchain Consultants

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 attempt.

Broken supply chains
Though grown to be tremendously complex, our current supply chains are broken at several stages. These prove to be highly inefficient when the stakeholders in the supply chain such as vendors, buyers and suppliers need to connect the dots on what information needs to be available to whom, how and at what time.
Addressing the issues of provenance tracking and customer trust
Blockchain can be applied to many challenges of supply chain industry and supply chain management, like provenance tracking, establishing trust and cost reduction. Today’s globalized businesses have many components in their supply chains, so it becomes difficult to keep track of their records. This results in loss of transparency and customer trust. However, with a blockchain, provenance tracking becomes easy as information about any product can be easily accessed through embedded sensors throughout its journey, right from the origin of raw material to how it was stored and where it currently is. Transparency helps reduce disputes and delays, while preventing the goods from getting stuck in the supply chain.
Removal of third parties and added administrative costs
The technology helps in speeding up administrative processes in supply chains by eliminating the middlemen. Transactions can be directly done between the buyers and sellers without the involvement of third parties such as banks.
Retail giant Walmart is already using blockchain to keep track of its meat products sourced from China, like where the meat came from, how it was stored and transported, etc. Nestle, Unilever and Tyson are also using blockchain in their business processes for similar uses.
Permissioned blockchain for your business
The value of blockchain adoption can be taken from the fact that it maintains the integrity of information and data among the network participants. The technology can help businesses in making their inventory management efficient and identify issues faster. Experienced blockchain consultants can be approached to leverage the full potential of permissioned blockchain that could be accessed only by the authorized persons for the amount of information they need.
Group50 is a leading business consultancy with seasoned supply chain blockchain consultants who could help you with blockchain implementation in your business processes. Our proprietary Scoiebc blockchain solution is one plug and play next gen solution that embodies IoE for best business outcomes for your enterprise. Get in touch with Group50’s experienced blockchain consultants to bring transformative changes to your business processes.




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