Supply Chain refers to the process that involves everything from the provenance of goods to supplying them to the end-customer. Blockchain in the supply chain can make its operations more transparent. Each blockchain has stored a set of transactions made in the distributed, public ledger. The supply chain is further used to secure and make the shared ledger information transparent between various businesses.
By incorporating Blockchain in Supply Chain, businesses can have a secured, peer-to-peer network. Due to no third-party intervention, the blockchain technology becomes less prone to manipulation and data hacks.
Improves Inventory Management
Blockchain in Supply chain management helps enhance the inventory data by segmenting them into sets in the private blockchain.
Optimum Manual Errors and Frauds
Blockchains can reduce manual errors and frauds as each transaction gets stored in the ledger.
Reduced Transportation Costs
Blockchain helps decrease the transportation and courier costs and overheads of the existing supply chain in the company.
Enhanced Relationship Between Customer-Retailer
Customer-retailer relationship is one of the crucial aspects for any venture to succeed. Blockchain in supply chains can strengthen the customer-retailer relationship within your enterprise.