Bitcoin pulse, guides and news: Blockchain Technology could be the Game Changer for Supply Chain Industry

Friday, March 15, 2019

Blockchain Technology could be the Game Changer for Supply Chain Industry

Blockchain technology for the supply chain industry adds greater visibility and efficiency across supply chains industry. Supply chain industry has turned out to be complicated. It takes days to make a payment between a producer and a supplier, or a client and a seller. Use of blockchain technology creates solutions that impact all facets of the supply chains industry, with a focus on logistics. The important factors of logistics are traceability and transparency needed to be updated with the use of blockchain can optimize business transactions and trading relationship with robustly secure, transparent global business networks. The new and open neutral blockchain powered platform built to support global trade system, majorly helping to improve the shipping and logistics areas which is key players are benefitting from a shared ledger that’s is updated and validated tremendous instantaneously with each network participant. Authoritative agreements require the administrations of legal counselors and investors, every one of which includes additional expense and delay. products goods, Items, and parts are frequently difficult to track to suppliers, making the required changes defects challenging to eliminate. These results are the greater collaboration within the supply chain, they streamlined inventory management, with the improvement of asset benefits uses and more.

Blockchain technology potential impact is substantial of using in supply chain industry to be replacing the traditional processes with blockchain could help transform trade with the world economy. Blockchain helps to improve the supply chain industry it increases 5% in global GDP and 15% of trade volume. Its helps to make supply chain more efficiency now updated over a million times a day. To be keep containerized freight shipments moving smoothly and predictably, you need the big picture and the details of every transaction at your fingertips. This industry requires developments to make it more for efficient to delivered through shipments the global supply chain platform designed to predictable and secure exchange of information.

How will Use of Blockchain Technology Impact the Supply Chain Industry?

If the use of blockchain technology allows us to get more securely, transparently, fast, low costly track all types of transactions than imagine the possibilities it presents across the supply chain industry.

This comprehensive world trade organization study reports that blockchain technology has a potential that will change the lives of many in the supply chain industry, which uses well beyond the world of cryptocurrencies. Every time a product changes hands, the transaction details could be documented, creating a permanent history of a product, from manufacture to sell products. This could be the game changer for chain supply chain industry to reduce time delays, added costs, and human error that plague transactions today. The key blockchain features of bitcoin align with the basic needs for reliability and integrity in a supply chain.

Some areas of supply chains industry are already using the blockchain technology, and experts suggest blockchain could become an international supply chain operating system. Considering how this technology could improve the following tasks:

Consensus

All the entities in the chain agree that each transaction is valid. example for bitcoin that means a transfer of an amount of bitcoin. For the supply chain, it could be payment, warehousing, transport, delivering goods etc. The quantity and transfer of assets like pallets, containers, trailers, etc. as they move between supply chain noes.

Provenance

The system in the chain knows where each asset originated. They also know who owned it before and at what time, price etc. For crypto the asset is money. For supply chain, assets can be anything from iron ore and wheat to machines, cash, and copyrights. To purchase orders, changes orders, shipment notifications, receipts, or other trade-related documents.

Assigning

assigning or verifying certifications or certain properties of physical products; for example, determining if a food product is an organic or fair trade. no can temper with an entry in the distributed ledger. it is not possible to ease a bitcoin transaction. Similarly, with blockchain, it would not possible to falsify change a supply chain payment transaction or the record of inventory, warehousing, delivery times, goods conditions and dates etc.

Linking

In supply chain the physical goods need to serial numbers, bar codes, digital tags like RFIDS, etc. to make it even trackable, transparent.

Enhanced Transparency

Documenting process requires for product’s journey across the supply chain reveals its true origin and touchpoints, which increases trust and helps eliminate the bias found in today’s complicated supply chain industry. Manufacturers can also reduce recalls by sharing logs with OEMs and regulators. Smart shippers are finding ways to leverage brings these innovations to increases profits and strengthen the relationship across the supply chain.

Finality

Sharing information about the manufacturing process, assembly, delivery and maintenance of products with suppliers and vendors. The copies of the shared ledger all hold the same version of the truth. what works for the cryptographic network also works for any other blockchain network, supply chain included.

Sources Link:

https://www.ibm.com/blockchain/industries/supply-chain

https://www.supplychain247.com/article/why_blockchain_is_a_game_changer_for_the_supply_chain

https://www.logisticsbureau.com/how-blockchain-can-transform-the-supply-chain/

https://www.mckinsey.com/business-functions/operations/our-insights/blockchain-technology-for-supply-chainsa-must-or-a-maybe

Blockchain Research Center connecting New Taipei City Government and Trescon for organizing the World Blockchain Summit in New Taipei City on 25th-26th of April 2019. The summit will feature John McAfee, Tim Draper, Roger Ver, Jason Hsu who will share their insights on blockchain development, use cases and application. To know more about the event and witness other key industry leaders speak, please approach our strategy partners.

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