Benefits of Implementing Blockchain In Supply Chain Management

1
Benefits of Implementing Blockchain In Supply
Chain Management
2

• The supply chain acts as the backbone of the
  manufacturing industry as it forms the essential
  link between warehouses, production units, and
  distribution hubs. Supply chains were originally
  meant to streamline manufacturing processes and
  efficiently manage production schedules while
  facilitating seamless inventory movements.
  Nevertheless, the present-day supply chains have
  become more complex and convoluted to support the
  growing business needs in most industries.
  Besides, there is a lack of transparency between
  suppliers, vendors, and manufacturers that often
  causes uneven delays in shipment and payment
  processing.
• As it turns out, Blockchain, the technology
  behind the crypto, could be an ideal solution to
  most of the challenges prevalent in the supply
  chain industry. From providing a tamper-proof
  digital record of financial transactions to
  rendering increased transparency and
  interoperability in operations, blockchain would
  do wonders for manufacturing and supply chain
  businesses.
• https//erpsolutions.oodles.io/blog/blockchain-sup
  ply-chain-management/

3

• What Is Blockchain?
• Blockchain is a decentralized digital ledger that
  stores data in a series of electronically linked
  blocks to form an extensive database. Unlike most
  database systems, blockchain is a shared
  cryptographic ledger that creates an immutable
  and tamper-proof record of data. In doing so, it
  maintains a high level of transparency within the
  network while also keeping anonymity to
  facilitate user privacy. The shared ledger
  ensures that the network remains adequately
  protected against potential online threats and
  fraudulent activities.
• With blockchain being the underlying technology
  behind the cryptocurrency sphere, other
  industries are striving to leverage this
  technology to enhance their operational
  efficiency. That being said, blockchain
  technology is increasingly flexible and adaptable
  to varying business needs. In the following
  section, we shall explore the benefits of
  blockchain in supply chain management with a
  focus on its most advanced features.
• Also, Read The Essential Components of
  Intelligent Supply Chain Management