How is Blockchain technology making the supply chain smarter?

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How Is Blockchain Technology Making The
Supply Chain Smarter?

• A seamless supply chain is a must to have a
  strong and successful business. Irrespective of
  the type of industry, the supply chain is the
  underpinning of the same. With time, the
  complexity of this system has increased. To make
  the supply chain work seamlessly, many companies
  are now eyeing at Blockchain and IoT when these
  two technologies will amalgamate and sync with
  the current supply chain management system of the
  organization.

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Some Stats Worth a watch

• As we have mentioned above, supply chains have
  become complex and distribute, there are many
  involved in the supply chain. Companies are
  trying to adopt technologies which can not only
  manage their assets but also keep a tab on them.
  Since 2018, the Blockchain and IoT market has
  grown from USD 30 million to USD 113 million and
  is expected to grow to USD 3 billion by 2024.

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How Is the Blockchain Impacting Supply Chain?

• Some of the key features of Blockchain that can
  work for the supply chain are
• Immutability
• Provenance
• Data security
• Transparency

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Product Source

• Product source- One of the key concerns for any
  end-user is to know about the source of the
  product. With the help of Blockchain technology,
  it will become easier to know the source of the
  product. Blockchain is an accurate record of
  information where all interaction between IoT
  devices is saved as history. One can easily
  access all the information pertaining to predict
  like when was the medicine manufactured, or the
  date of packaging etc.

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Smart Contracts

• Cargo and shipping industry also makes use of
  Blockchain and IoT. Smart contracts are
  pre-programmed contracts which are executed wince
  the conditions are met. The terms and contracts
  between the parties are written in computer
  codes, and when the conditions are met, the
  program executed the financial transaction. It
  will make the entire process faster.

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Immutability

• Security of information is the prime concern for
  most of the origination. In the supply chain, an
  industry which currently use the digital medium
  to save the information is vulnerable to attack.
  There is a greater probability of information
  being hacked. But, with Blockchain, we can expect
  the system to be safe and data more secured. The
  immutability feature of Blockchain would prevent
  falsification of supply chain payment
  transaction, tampering of data etc.

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Challenges That Blockchain Needs to Meet-

• Although Blockchains legacy has grown with time,
  there are a certain set of challenges that it is
  facing. Despite its popularity, Blockchain has
  not become a mainstream technology. Many
  companies are still sceptical about the longevity
  of this technology. Besides, there is no system
  which can guarantee 100 security, so how will
  Blockchain overcome very minimal probability of
  data insecurity.

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The Future

• The research on improvising this technology is
  increasing, and so is the need for Blockchain
  expert who can bring this change. By enrolling
  for Blcockhain certification program, one can get
  a complete insight into this technology and
  understand its implementation. To know more, you
  can enrol with Blockchain Council and become a
  certified Blockchain expert.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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