The supply chain and logistics industry are huge. It involves innumerable processes, all of which have to be tracked to maintain accurate data. One minor mistake could bring the whole thing crashing down.
This is a self-explanatory statement which says why you need blockchain's support to run the supply chain and logistics industry. Now, into the core topic that we are discussing here.
What are the key components in the supply chain management?
Plan - It is crucial to plan the whole process of the supply chain. This will boost the process and keep wastage at bay. Also, this stage decides how the entire processes until the last leg is going to unfold.
Source - Developing a rapport with raw material suppliers is also crucial. This development stage includes finding potential suppliers for the whole process and continuously communicating with them regarding their needs.
Manufacturing - This involves putting together all the raw materials and producing the desired products. This also consists of the supply chain manager verifying the quality of each product.
Delivery of the products - This stage is often referred to as logistics by the companies. This is a crucial stage that requires immense care and monitoring. There are chances of forging the products during this stage.
Returns - Not all the products are taken and used by the intermediate or the final consumers. There could be damage during transporting; hence, some products might be returned. The supply chain managers have to track it down to the very last process and figure out what went wrong. Besides this, they have to replace the right product to the right person.
What is the blockchain solution for this?
It is simple. Enter every detail in the blockchain's decentralized distributed ledger. Now, every update reaches the node or authority that needs to be notified. It is easy to backtrack the genuinity of any product at any given time.
Above all, there is proof of everything that's taking place. What else could relieve you from such chaos? Don’t you think this is enough to run the supply chain management development processes well?
Last few words
Now tell me which of the attributes of blockchain do you think is important for your business? Is there anything that you wanted to know? Please comment in the section below.