How can SCM be More Efficient by Using Blockchain?
Blockchain technology streamlines supply chain management by:
- Real-time Tracking: With blockchain, stakeholders can track the movement of goods in real time, ensuring greater visibility and accountability throughout the supply chain network.
- Smart Contracts: Smart contracts automate contract execution based on predefined conditions, enabling seamless payment processing, and reducing disputes and delays. Learn more about Smart Contract
- Inventory Management: Blockchain facilitates accurate inventory management by providing a single, shared ledger that updates inventory levels in real time, minimizing stockouts and overstocking issues.
- Risk Mitigation: By identifying and mitigating risks proactively, such as supplier fraud or disruptions, blockchain enhances supply chain resilience and continuity.
Blockchain Revolutionizing Supply Chain Management
Blockchain is a distributed, decentralized, transparent, and immutable ledger that operates by a network of nodes. It offers transparency, efficiency, and security. It is the technology behind cryptocurrencies like Bitcoin, Ethereum, etc., that offers a solution to many of the challenges faced by traditional supply chains. It provides a transparent, immutable, and tamper-proof record of transactions, blockchain can dramatically improve the efficiency, security, and trustworthiness of supply chain processes. This article focuses on discussing how Blockchain makes supply chain management more efficient.