A brief explanation of how the supply chain works
A product is created. This product now has to reach the end-consumer. That is the customer/buyer. But before that happens the products go through at least a hundred levels, a minimum of two hundred people report about it to their managers or superiors, then gets shipped to the local retailer and finally reaches the end consumer.
What I have told you here is only a part of the whole process. The real process is lengthier than this.
When these many levels are involved, it is challenging to expect transparency and accurate updates regarding the product. Hence it is wise to implement blockchain in the process.
Blockchain in Supply chain
What does the blockchain have to offer us? It's got a lot. The unique attributes of blockchain, like the transparency, immutability, etc.come handy when you have to deal with serious issues in the supply chain management.
Here is a list that you should read through if you are yet to be enlightened with the benefits of blockchain in the supply chain.
Transparency and Immutability
The blockchain is a distributed ledger. It consists of numerous nodes that are responsible for verifying the transactions (if not, let's call them actions). The point is that the nodes can see who has what, how much, when, and get info beyond this.
The records once saved are there to stay. No one can tamper or edit the information by any chance.
When the details about the products' status are entered, no one can manipulate it for any reason.
Also, the product can be traced to the day when it was manufactured. So, the chances of depicting the wrong date is absolutely less. Now it is understood that blockchain offers immense transparency and immutability.
2. Traceback to the origin
The blockchain solutions for supply chain management systems are huge. By keeping the ledger constantly updated, it will be easy to track the product back to the very date it originated.
For instance, when diamonds are mined, it is essential to know their origin. Duplicating diamonds is a common problem in the industry. To solve this, every picture of the diamond has to be uploaded on the blockchain platform for every step with certificate.
Winding up
The whole of supply chain industry can be simplified if blockchain is implemented. But who takes the first step? This always remains unanswered. However, top diamond miners and some of the industrial giants have already brought it in action.
If you're one among the thirsty leaders in your stream to provide better solution on supply chain industry, then Blockchain Firm might be your perfect partner to shake hands with supply chain management development ideas!