Currently, the world is highly fascinated with terms such as cryptocurrency, bitcoin and blockchain technology. The reason for this is simple - people are getting are really benefitting from them, especially blockchain.
When we talk about modern manufacturing, the supply chain can work across multiple organizations, as well as countries. This can make the system complex in terms of finding solutions to increase efficiency and chasing the individual events.
Mostly, the company information in the manufacturing industries flows through the supply chain. They have a uniform way of recording, storing and exchanging the data.
1. Enhanced inventory management
Blockchain provides a holistic and permanent record of every single transaction that takes place in your supply chain process. Moreover, it enables you to connect to each party in the value chain - be it suppliers, production sites, distribution centres or even the retail partners.
2. Improved data security
Information like invoices and contract details that are exchanged in any supply chain process is highly confidential. Communicating this information using traditional methods can be quite risky, as they can leak easily in a number of ways. On the other hand, blockchain keeps the floating information secured with the best cryptography techniques.
3. Better transparency and traceability
The blockchain that works within the supply chain is able to provide you with all the data relating to or the status of your transaction. For instance, how the goods are made, where they are shipped from, how they are managed and much more - all the information is stored in the blockchain-based system.
4. Automated supplier payments
Blockchain also facilitates the transfer of funds to any corner of the world. You don't need to indulge in the traditional banking methods. Transfers can be made possible directly between the payer and the payee.
5. Enhanced customer engagement
The blockchain is much more than a storage technology. You can analyze the data to create forecasts and predictions, which can further help you solve the lags in the supply chain. Not only this, but the analytics can also contribute to boosting customer satisfaction. You can use the blockchain database to find ways of building a delivery timeline.
Can also go through https://medium.com/wharfstreetstrategies/blockchain-best-technology-to-turn-developing-nation-to-developed-cd223a01d3dd
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