Blockchain Technology in Supply Chain Management

The management and control of the Supply chain are becoming complicated with the rise of globalization, the blockchain technology has the potential to develop a sustainable supply chain. Additionally, the rising pressure of various stakeholders has prompted to ensure transparency, traceability, and security in the supply chain sustainability. The inefficiencies of centralized, disparate, and stand-alone information management systems leave the entire system vulnerable to errors, hacking, corruption, and attacks; this is where blockchain technology

comes into the picture. The technological developments and applications powered by blockchain technology make visibility in business feasible with the help of its decentralized trustworthy database that allows the transactions to scale globally and decentralize and disintermediate the process amongst various parties involved. This disruptive technology helps with designing, organizing, operating, and managing the supply chain that facilitates seamless material and information flow throughout the entire process.

An Architecture Showing Supply Chain Components

Features of Integrating Blockchain Technology in Supply Chain Management

Traceability
Visibility
Reliability
Decentralized
Network data sharing
Distributed and immutable database.

Advantages of Blockchain in Supply Chain Management

The promising features of blockchain technology are a panacea for multiple complexities in supply chain management. The adoption of this powerful technology can dramatically affect the existing business dimensions.

It can amplify the economic performance of the business by disintermediating supply chain tiers which helps in reducing the transaction cost and time.
By allowing to share the modification of data instantly, it facilitates the rapid deployment of products & processes; thereby minimizing human errors and transaction times significantly.
It enables the safety and authenticity of data that reduces the cost of preventing data from deliberate alterations.
The transparency provided by blockchain technology gives a competitive advantage to the business, which increases customer trust and increases revenue.
The consensus feature it possesses, prevents the individuals, businesses, and governments from seizing the assets unfairly.

Supply Chain Development Services

Supply Chain Management

Right from procuring the raw material to delivering the final product, automate the entire production flow with our supply chain management services.

Inventory Management

Our expertise in providing you visibility into accurate inventory levels, will not only augment your margin levels but also will help you to carry safety stocks.

Order Management

By enabling the execution and coordination of the order process with the help of our experts, one can expect seamless order management.

Supply Chain Analytics and Data Management

By leveraging the AI capabilities, our team helps you cut the data noise and get valuable insights that facilitate faster and confident decision making.

Supply Chain Risk Management

We help you identify the risks, develop strategies, implement risk mitigation plans and measure the impacts to ensure the continuity of business by utilizing inputs from big data feeds, AI, predictive analysis, and reporting frameworks.

Pioneering companies are leveraging power platforms based on blockchain technology and dedicating considerable resources to look into its possible applications. The use of blockchain technology in the supply chain is known amongst the experts who pursue the implementation plans to oversee dramatic outcomes. Contact us to lead and join the league by encompassing our expertise and experience.