Blockchain Is the Future of Today’s Globalized Supply Chains

Have you wondered how the phone that you use every day, the clothes you wear or the cookies you order from your local bakery came from? Besides the shop from where you purchase them, there is a whole lot of interlinked elements of a chain that make it possible for you, and this interconnected chain is known as Supply Chain. And in today’s digitally connected marketplaces, there is increased demand for speed and transparency in supply chains to remain competitive.
Blockchain can solve most of the issues of the traditional supply chain with its innovative features of provenance, immutability and trustless transactions. Blockchain can be efficiently applied to literally any challenge of supply chain industry including the complicated record keeping and product tracking.
Blockchain in healthcare
In healthcare supply chain, for example, blockchain technology can help in tracking the origin of a medicine package, right from the departure from the manufacturing until you consume it. This data about the journey of the packet is regularly updated on a censorship-resistant blockchain ledger which can be accessed by the stakeholders of the network.
Blockchain in food and manufacturing industries
One can simply scan the packet through their smart phone to access the details of the product to know if the packet wasn’t kept in the desired environment at any point of time of its journey. Blockchain can also be employed for food tracking, OEM parts tracking and other industrial operations. It can be used to identify particular food source that is contaminated, so only those particular food packets can be recalled and one need not dump all the food packets in case a food recall is necessitated.
Some process problems that can be solved with the implementation of blockchain in supply chain include the below ones:
Ø  Oversight on counterfeiting
Ø  Supply chain auditing
Ø  Contract enforcement and management
Ø  Damage and mishandling management
Fraud detection
Big companies have a lot of elements in their supply chain, so it becomes hard to keep record of all these elements in a transparent manner, which may result in customer relation issues and harm their reputation. With the help of blockchain, record keeping and accurate provenance tracking becomes possible, so that frauds in any part of the supply chain can be easily detected.
Permissioned blockchain for organizational employees
Besides scalability, blockchain offers higher standards of security to data feed. No one can change an entry in the blockchain ledger until all participants agree to it. Moreover, private blockchains, known as permissioned blockchains can be created that allow only the employees of an organization who have permission or network participants to access the crucial business data. 
Combining AI and IoT with supply chain blockchain
If the innovators of supply chain are able to combine blockchain capabilities with AI, IoT and self-executing smart contracts efficiently, most of the ills of today’s globalized supply chains can be addressed. This is what blockchain technology consultants at Group50 have attempted to achieve with their Scioebc plug and play blockchain solution that offers unmatched transparency and traceability to supply chains at reduced cost.

Group50 supply chain blockchain consulting has helped many SMBs across a range of blockchain solutions for their business processes, including those operating in aerospace, manufacturing, and automobiles. Contact Group50 blockchain technology consultants to have an evaluation done of your blockchain implementation needs, and to get their supply chain blockchain consulting at an affordable price.       

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