Using Blockchain to Improve Supply Chain Processes
Posted By : Khushboo Arora | 14-Jun-2019
Managing supply chain is a complicated process that involves carrying products from manufacturers and suppliers to consumers through a complex web of transactions. Food, beverages, clothing and other consumer goods change many hands before reaching consumers.
To decrease the complexity of supply chain processes various companies are implementing blockchain solutions. Blockchain is a promising technology that can potentially improve processes in various industries. Its implementation in supply chain can improve transparency, traceability, security, and efficiency, while reducing costs.
Let’s explore the possible benefits of implementing blockchain in supply chain management.
Enhanced Inventory Management
Blockchain technology enables businesses to keep a record of every single transaction. It enhances transparency between distributors, suppliers, retail partners, and production sites for better management of goods or services. The information stored in a blockchain platform can be accessed by people involved in the process to avoid disruption or confusion.
Improved Data Security
Blockchain technology has replaced manual sorting and production tasks by updating transactions. Blockchain creates highly secure, time-stamped and immutable database entry of every transaction. The transactions are easily traceable and irreversible and prevent fraud, double entries, abuse, and other manipulations.
Automated Supplier Payments
Blockchain fund transferring differs from traditional banking methods. Blockchain technology records each business transaction, keeping businesses informed about what and when they paid for it. Payments initiated through blockchain have a high degree of security to protect customers’ financial data. These payments are processed directly between the payer and the payee and saves a lot of time.
Enhanced Customer Engagement
Leading businesses use blockchain technology to inform clients about the hierarchy they need to follow in delivering the products. Retail companies use blockchain to create better transparency with customers and build long term relationships with them. Blockchain breaks the project into multiple goals, to keep a record of each one. A blockchain solution triggers payments automatically when the final goal is accomplished. The entire process maximizes cash flow and customer satisfaction.
Blockchain technology improves coordination and communication between goods, suppliers, and service providers. It automates each process in the chain including payment so that the supplier stays pre-informed about stock availability and consumer demand. Blockchain automatically generates a requirement so that the entire system runs smoothly and efficiently.
Would you like to improve transparency between suppliers, producers, service providers, and consumers? We, at Oodles Technologies, are a leading blockchain app development company in India offering business solutions using NEM, Stellar, Ethereum, and other blockchain technologies. Our blockchain solutions facilitate coordination between different departments to meet organizational goals. We build smart contracts to automate transactions, eliminate third parties, and enhance user trust. Contact us today for more details!
Khushboo is a Technology enthusiast. As a content strategist , she has a great affinity for discovering and sharing unique insights and resources with the tech community.