'Is Blockchain the Future of Supply Chain? Benefits and Challenges' blockchain blockchaintechnology
Blockchain has nearly unlimited potential in all fields of work, but we don't want to analyze dozens of benefits and use-cases. On the contrary, we are going to focus on five ways this technology can contribute to the supply chain.We all know how important planning and forecasting are for the success of a company, but it is always difficult to have an accurate estimation of demand and supply.
The shipping process begins when a supplier sends the shipping information and the product to an importer. The importer stores this data in a smart contract and writes down all shipment details on blockchain until it reaches the customs agency. Suppliers can track the production process with a GPS device and transmit data at each stage to producers who can also share their data. All of this information will be stored on different nodes in the network and it can't be changed, manipulated, or removed without consent from other parties.
With careful planning and execution, businesses can take advantage of all that this technology has to offer. What do you think? Is blockchain the future of supply chain management? Let us know in the comments!You probably know blockchain as the powerhouse of cryptocurrencies such as Bitcoin, right? Most people do, but the truth is that blockchain represents a much more complex technology with enough potential to revolutionize a wide range of industries.
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