Blockchain technology has completely changed the way we do business.
The majority, if not all, of organizations, might see their productivity and profitability grow due to the incorporation of blockchain.
Companies nowadays must be adaptable, responsive, and innovative to survive. Taking the example of Supply Chain, the businesses that thrive are the ones that foster constant innovation across their Supply-Chain, and who stand out in a fiercely competitive market by continuing to be agile and pertinent. Fortunately, blockchain technology can facilitate process simplification.
A supply chain is the network of all the people, businesses, resources, tasks, and technological advancements involved in the manufacturing and distribution of a good. An entire supply chain, from the distribution of raw materials to the supplier and manufacturer to the final delivery to the customer, is included. A company builds a network of suppliers (or "links" in the chain") to transfer the product from raw material suppliers to organizations that deal with customers directly.
The organizations in Supply Chain are linked through the physical and information flow of goods and services.
Blockchain will allow companies to track all transactions more securely and transparently. It supports consensus, therefore there will be no disagreement over the transactions in the chain. Since every participant in the chain has access to the same version of the ledger, it has the unique ability to track ownership data. It will also help organizations trace the product from its source point to its end consumption. Every time the product/goods undergo a specific process, it will be documented. This documentation will reduce time delays, costs and human inefficiencies. Blockchain will also enhance the licensing process of services, goods and software.
Supply networks are becoming more intricate and challenging to maintain. There are issues because separate computer systems inside a company may not integrate, or different computer systems used by participants in a supply chain may not integrate. Blockchain Technology will help in addressing issues of complex supply chains. The use of blockchain network protocols will boost productivity, improve supply chain visibility, and finally stop errors and fraud.