Searching for the best blockchain solutions for supplychain? Here, Coinjoker-Blockchain development company offers an trackable and traceable solutions for your movable goods and services !!
Blockchain has established its potential to bring out positive changes in many industries and businesses till date including the supply chain industry. In fact, the supply chain management is one of the most obvious and useful applications of Blockchain technology, therefore, we can expect it to grow at a very fast pace in the near future. The source of successful operation of a supply chain management system is to keep a robust, transparent and end-to-end communication.
What is supplychain management?
Supply chain management includes the end-end combined planning as well as the execution of variety of processes. This process involves mobility of different material flow, information flow as well as financial capital flow.
In simple words, The maintenance and the management of the flow of goods, services, and information involving the storage and movement of raw materials, manufacturing and building products as well as full-fledged finished goods which are moving from one point to another is called as supply chain management.
A supply chain is acting by the participation of a network of individual entities, organizations, businesses, resources as well as technologies that combine together in the manufacturing of a product or service.
How blockchain has inherent features on supplychain industry?
A Blockchain is a concept of decentralized distributed ledger that records all digital data informations which can’t be changed, altered or tampered. The technology architecture is created in such a way that even large number of users involved in the operations can access the data or information without any unnecessary interference.
Integrating this blockchain technology in the logistics industry will help the organizations to keep the records easily or even anyone can track those record of their transactions in a more secure and transparent way.
In supplychain industry, typical Blockchain technology, after every sale completion the product changes hands allowing the operations to get easily documented creating a permanent history of the product, which will has the details about its product’s manufacturing date and even point of sale which will drastically reduce the waiting time of cost delivery, and any unnecessary delays and costs.
Because of the immutable ledger, Blockchain will boost the transparency of the process allowing the users to track their shipments with easy manner.
Blockchain technology can easily update with the change the possession and the ownership of goods as they move from the origin point of production to the final point of retail industry. These details could be entered into the distributed ledger permanently.
Challenges facing in Supply chain management and its solutions:
Blockchain solutions can be implemented to face many challenges in the Supply Chain industry such as maintaining the complicated records and databases keeping and tracking of products, goods and services. Blokchcain solutions offers less corruptible and better-automated alternative ways for handling the centralised databases.
Huge organizations have lots of elements in supply chain, so it’s difficult to keep track of each and every record even for multinational corporations.
But the blockchain solution provides the way of easy tracking of the product information which is processed by the embedded sensors and RFID tags.
The accurate provenance tracking can be used to detect frauds in any section of supply chain.
The real-time tracking of a product or goods in a supply chain with the help of blockchain solutions reduces the overall cost of moving items in a supply chain cycle.
The elimination of the middlemen and intermediaries in the supply chain saves the risks of frauds, product duplicacy and saves money too.
Having trust in complex supply chains with many participants is necessary for smooth operations. For example, when a manufacturer shares his products with suppliers, he/she should be able to depend on them for following factory safety standards. But, The immutable nature of blockchain in the supply chain is well-designed to prevent tampering and establishing trust between the users.
source: blockchain councli
Benefits of blockchain in supply chain management:
Blockchain solutions offers wider range of scalability by this any large database is accessible from multiple locations from around the world. Blockchain solutions also provides higher standards of data security and the ability to customize according to the data feed. Moreover, blockchains can be created in a private manner too which will allow the data to be accessed explicitly between the parties who have required the own permission for it.
Some other benefits of adopting blockchain technology in supplychain
- Reduce or eliminate fraud and errors
- Improve inventory management
- Minimize transport costs
- Reduce delays of time,effort from paperwork
- Identify issues faster than manual
- Increase consumer and partner trust
Where to buy blockchain solutions for supply chain management?
Coinjoker-Blockchain development company offers one stop solution for maintaining and tracking your records, database more securely and efficiently. Our blockchain experts provides consistent and reliable solutions for safer data sharing.
Our supplychain blockchain solutions in various business verticals:
- Luxury and expensive goods
- Food supply chain
- Shipping and logistics
- Automative industry and more