Blockchains Application on Supply Chain Management

Amend the face of supply chain management with the help of the technology which makes it more transparent and sustainable. A supply chain is a platform through which the various types of businesses get connected with the people. With the help of the supply chain, the goods or services are created and delivered from one end to another. 

Supply chain management involves several steps starting from the supply of raw material to the end delivery of the products to the customer. Supply chain management is an important part of the system which is also responsible for the growth & success of the business. 

Blockchain's application on supply chain management has several benefits. The blockchain technology and supply chain management are combined with the help of smart contracts. These smart contracts deliver benefits like: 

1. Utmost transparency is provided to the customer.

2. Authentic and exact tracking of the parcel. 

3. The maximum goods, information, software, and services are made available. 

The complexity of supply chains is known by all, but when we combine this complex process with blockchain technology, it will reduce the complexity and will increase the efficiency of the supply chain. 

When we inculcate blockchain technology in supply chain management, then it delivers 3 important elements of supply chain management. These are: 

1. Improvise the ability to trace: The ability to trace the goods or services ordered improvises the user experience, which makes it more real, trustworthy and engaging. Blockchain offers the same benefit. Blockchain offers a chance to the companies to empower their supply chains and build a much better & stronger connection with their consumer. 

2. Better trade ability: Better trading options and ability is always the choice that every company or business wants to execute. Blockchain offers the same option for your business. With the help of blockchain, people can exchange goods or assets in the form of digital tokens and shares. Enhancing the trading options can be a boon to the business. 

3. Enhanced transparency: Utmost transparency is maintained with the help of blockchain. The information is updated, validated and then is easily accessible. No third party involvement. No mediator. 

There are other supply chain management challenges as well, which are resolved with the help of blockchain. Some of these are: 

· It can help you store every minute data, and also makes it easily accessible. Blockchain-based supply chain management makes it easier to locate any product information easily because it provides certain codes and the sensors which are embedded in the products. 

· Blockchain induced supply chain offers real-time tracking of the product which also reduces the total cost of the transportation. 

· To execute operations smoothly, trust is important. Supply chain management which is built through blockchain technology makes it changeless, which means the data neither can be deteriorated nor can be changed. It builds trust. 

· Blockchain-based supply chain management makes it easier to share information with all the vendors, manufacturers, suppliers, and consumers. 

· It also enables you to track the product on a real-time basis, and the displacement of the products is not possible. 

· Blockchain-based supply chain management also ensures that all the data is secured and is easily accessible to everyone.