As we now know, blocks on Bitcoin’s blockchain store data about monetary transactions. Today, there are more than 10,000 other cryptocurrency systems running on blockchain. But it turns out that blockchain is actually a reliable way of storing data about other types of transactions as well.
Some companies that have already incorporated blockchain include Walmart, Pfizer, AIG, Siemens, Unilever, and a host of others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to their locations
How can blockchain make supply chain management more efficient?
Generally, the supply chain management network involves suppliers, retailers, manufactures, distributors, auditors, and customers.
Blockchain technology has the capability to streamline the workflow for all the participants, no matter the size of the business network. It also provides a shared infrastructure for auditors to have greater visibility into the participant's activity along the value chain.
Now let us deeply discuss the use cases of blockchain login technology in supply chain management.
Cold chain traceability:
Food and pharmaceutical products have similar storage and need as normal goods and commodities. When blockchain combined with Iot can be used to sense the temperature, vibration, humidity, and other environmental metrics.
The product data is stored in the blockchain and the smart contracts are applied to ensure if the metrics are at their standard level. If the reading goes out of the range it is stored in the distributed ledger.
Supply chain logistics:
The dispute is a major problem for modern supply chains with many intermediaries and much back and forth between participants. The result is that suppliers, providers, and customers interact via third party entities rather than directly with each other.
Blockchain being decentralized eliminates the middle man thus rendering direct communication between the network participants. This helps the participants involved in the logistics to encounter a streamlined process.
As stated above blockchain technology will be the solution to many of the challenges and issues faced by the industry stakeholders. Apparently, it has become a necessity to stay informed of the most recent progress in the field to stay ahead of your opponent.