Benefits of introducing blockchain in supply chain

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.