Blockchain Technology comes up as a Game Changer for supply chain industry

Have you ever thought about where all products come from in the supermarket? Or the clothes you are wearing and mobile phones that become an essential need in our life? Think about where all raw materials came from, how it transported to the production plant, how it created and got packed and ended up delivering in the shop for buying. All these things are directly connected with the chain called the supply chain.   

What is Supply Chain Management?

Supply Chain Management is defined as integrated planning and execution of different processes within the supply chain. For example, if we talk about the supply chain management of clothing industry then it is connected to:-

• Raw material sources
• Factories use these raw materials for creating final products

• Distribution network from where consumers get these clothes

In short, supply chain management includes all the activities from the flow of goods, services, and information related to storage and movement of raw materials, creating products and full-fledged finished goods from one point to another.

Why we need supply chain management?

If the supply chain is properly implemented then it will provide various benefits in terms of increasing sales, reduce overhead costs, improve quality, reduce cost and complex manufacturing process, etc. But, unfortunately, the supply chain becomes very convoluted and inefficient.

Supply Chain challenges and Blockchain solutions 

A supply chain is currently troubling with various challenges in managing record-keeping, tracking products; lack of transparency, etc. that impact its efficiency. The introduction of blockchain in supply chain management can improve its performance by providing a secure and transparent way of tracking all transactions across the supply chain. The introduction of blockchain can improve the various tasks of the supply chain.

• Record the quantity and transfer of assets efficiently such as containers, pallets, etc. that move from one point to another in the supply chain nodes.
• Tracking of a purchase order, change orders, trade-related documentation, shipment, etc.
• Assign or verify the properties and conditions of physical products. Like determine the food product is an organic or fair trade
• Link physical goods with their serial numbers, digital tags, etc.
• Share information regarding the manufacturing process, delivery, maintenance of products. 

Key Benefits of Blockchain Supply Chain

The blockchain offers various benefits to all the participants of the supply chain by eliminating all key obstacles. Some of the benefits include:-

• Enhance transparency- Blockchain records all the data of product journey across the supply chain that reveals its true origin and touchpoints. This will increase the trust and help in eliminating the bias that is found in supply chain management. Manufacturers can share these logs with OEM’s and regulators to reduce recalls.

• Security: - The blockchain is a distributed shared ledger where all the data can store and eliminates the audit required by internal systems and processes. As the data cannot be edited or deleted once it is inserted so it assures complete security of data.

The other benefits of adopting blockchain in supply chain industry include:-

• Eliminate or minimize the frauds and errors
• Improve inventory management
• Find issues quickly
• Increase customers and partner trust
• Reduce courier costs
• Reduce delay from paperwork

Group50 for Supply chain blockchain consulting

Group50 is one of the trusted names that have extensive experience in providing Blockchain Consulting & Solutions and grabbed huge applause from their clients for their consulting services. They are backed by the team of supply chain blockchain experts that can help your business by optimizing supply chain management with the implementing blockchain technology. If you are looking for Supply chain blockchain consulting services from experts to boost your business then contact Group50 professional today.