There are many new digital technologies introduced with the promise of developing manufacturers and supply chain management. But, it is a challenge for a management team to choose the right technology that really brings fruitful benefits. Today, blockchain technology is grabbing huge popularity because it can provide solutions for managing the complicated network of the supply chain. Blockchain Technology is based on a decentralized approach for data management and sharing as well as plays well in improving transparency, speed, and responsiveness of this complex ecosystem.
A blockchain supply chain works
well in recording the price, date, quality, location, and other important
information of the supply chain participants in an efficient way. The easy
availability of information in the blockchain improves traceability of the
material in supply chain, improves visibility and compliance over outsourced
contract manufacturing, minimizes the loss caused due to counterfeit products
as well as improves the organization's position as a trusted manufacturer.
Blockchain ensures outstanding
transparency in the supply chain and reduces cost as well as risk across the
supply chain. The blockchain supply chain offers various benefits that
include:-
- Improve traceability of material in the supply chain to meet
the corporate standards.
- Reduce the chances of losses caused due to counterfeit/gray
market trading
- Enhance the visibility and compliance
- Diminish paperwork and administrative cost of the event
- Ensure time stamping, automating transaction, and tracking
for real-time audit
- Eliminate the role of intermediaries like brokers, bankers,
and insurers
- Set up a wide range of self-executing contracts for automatic
repetitive processes like shipping and billing
- Work well for establishing proof of quality, payment, and
provenance
- Eliminate the risk of public relation from supply chain
malpractice
Blockchain technology plays well
in increasing transparency and accurate end-to-end tracking in the supply
chain. Companies can digitalize physical assets and develop a decentralized
immutable record for the transaction. It can make it easy for tracking assets
from production to deliver of products to the end-user. This will improve
transparency in the supply chain and provide more clear visibility to both
business and consumers. It also helps in reducing the chances of fraud for
high-value goods such as pharmaceutical drugs and diamonds.
Further, it also enables to
maintain control over outsourced contract manufacturing. Blockchain allows all
the participants to access the same information that reduces communication
barriers or transfer data error. By spending less time, the data can be
validated that improve quality, and reduce the cost. Apart from this,
Blockchain can prove beneficial in streamline administrative processes and
reduce cost by ensuring efficient audit of supply chain data.
Group 50- To get professional
blockchain supplying consulting services
If you are also planning to
introduce blockchain in your supply chain management then hire professional supply chain blockchain consulting services.
Group50 is one of the trusted consulting firms which have been dedicatedly
engaged in providing blockchain supplychain consulting services. At Group50, they are supported by subject matter
experts who have years of experience in working with different industries. They
use a holistic approach to optimize the supply chain that includes integration
of systems operated by customers, company, consumers, suppliers, logistic
companies as well as the strategic needs of the business. Call today to
professional blockchain technology
consultants services.
