How Blockchain Is Disrupting The Supply Chain Industry

Introduction

Blockchain technology is proliferating rapidly from the day it has been introduced. The application of blockchain in supply chain & logistics sector is becoming a trendy approach. Blockchain technology is entering a dynamic phase of development that will have a huge impact on every aspect of the supply chain and logistics management, ranging from procurement to forward logistics and further.

What is blockchain by the way?

Blockchain is a distributed ledger of economic transactions that is incorruptible and can be designed to record every value virtually besides financial transactions.

In simple terms, blockchain is a time-stamped series of immutable data set, controlled by a grid of computers and not claimed/owned by any single entity. Each of the data blocks is safeguarded and linked to each other through cryptographic hashes.

What is Supply Chain & Supply Chain Management?

The chain between producers and consumers or manufacturers and distributors is termed the supply chain. This connection extends to various functionality, participants, consortium, data, and resources. The supply chain also describes the flow of products & services from their origin to the destination.

The supply chain management process involves demand planning, production, inventory management & storage, data sourcing, transportation or logistics, and as well as shipping the returns (excess or defective products). Besides business plans, customized software is also employed in the supply chain process.

Why Choose Blockchain Firm?

At BlockchainFirm, we offer reliable, trustworthy, and the best blockchain solutions in order to structurize and back the logistics sector in various aspects such as tracking a product from its origin until the destination; MFG date and expiry date of a product; and a lot more.

Real-Time Use of Blockchain In Supply Chain & Logistics

Digital Identity

Blockchain technology is used to verify & validate the identity of every individual across the globe. The extended use of blockchain applies to hold value in eliminating the certificates of identity forgery, thus enabling citizenship verification, eligibility to work, and more.

Blockchain Trading

In the retail supply chain, applications of blockchain technology include sourcing of a product, validity, sustainable practices during production, flowing through international trade, returns management, and recycling of raw materials.

Healthcare Management

Using blockchain to trace medical devices and personal health records are being adopted by multiple facilities. It is potential enough to track various processes such as production, distribution, payment, and continual service, thus improvising treatment outcomes in medicare.

Automotive Industry

Another sector where the blockchain applies its full potential is the automotive sector, in particular, the reverse logistics chain, including repairs, replacements, and maintenance. Blockchain can trace records of maintenance and enhance vehicle performance and longevity.