Managing supply chains in today’s market landscape- links to create and distribute – is extremely complex. Based on your project, the supply chain can encompass hundreds of stages, numerous geographical locations, silos of invoices and invoices, several individual and entities involved, and extend over months of time. As we know that existing supply chain management processes are complex and lack transparency, this turns industries toward blockchain-based supply chain solutions. So, let’s find out how a blockchain supply chain company can help you revolutionize the supply chain and logistics industry.
One with little knowledge about Blockchain would think of it as the underlying technology behind cryptocurrency, Bitcoin.
However, the reality is that Blockchain has so many applications that can be utilized to develop any exchange, agreements/contracts, tracking and, obviously, payments.
Blockchain records every transaction on a block and across numerous copies of the database shared over many nodes (computers), making it a highly transparent technology.
Also, it’s highly secure as every block gets chained to the one before it and one after it and thus gets called block+chain.
Chain of command is necessary for things. Blockchain already has the in-built chain of command.
Blockchain provides the very things required to achieve reliability and integrity in a supply chain. It offers consensus- thus, eliminating the chances of dispute in the supply chain related to transactions, as all the involved participants (entities) have the same version of the ledger. It means everyone is able to see the chain of the ownership for a transacted asset on the blockchain.
As a matter of fact, records stored on the blockchain are unalterable, they cannot be tweaked or erased, which is one of the most vital factors to gain transparency in Supply Chain.
It’s our expertise that makes as a leading Blockchain Supply Chain company. We’ve gained enough experience in the last 4 years by relentlessly working on blockchain technology, making us a reliable blockchain solution provider to the manufacturing players.