Blockchain as a technology has the potential to redefine businesses, and their logistics. The traditional logistics value chain is a very complex and time consuming process that is done manually by various authorities involved in the supply chain. With the introduction of blockchain in this concept these issues as the vital data can be stored in various blocks, wasting no time in documentation and information is shared only with relevant stakeholders.
The benefits of incorporating blockchain as part of supply chains are-
· It provides an accurate mechanism for asset tracking.
· Using blockchain ensures transparency at all levels
· Since blockchain uses shared IT infrastructure, it streamlines the workflow and provides greater visibility to all members of the value chain
· Visible and reliable transactions ensured
· With blockchain, smart contracts can be easily deployed as part of the supply chain network. It thus makes contract management much easier.
· Overall, blockchain proves to be a more sustainable approach and helps in cost savings
At ThoughtStorm, we believe that blockchain has the potential to revolutionize the supply chain management and work closely with our clients to help them leverage this technology.
Use of Blockchain in supply chain management
Jul 9, 2020
ThoughtStorminc
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