How Blockchain Technology Use In Supply Chain Management
Tracking: Blockchain can help firms to guarantee that their products are ethically sourced and also help in tracking any issues that may occur during transportation.
Automation: With Smart contracts, firms can easily automate a few processes, like payment and delivery, that enhance efficiency and productivity.
Improved security: Organisations can prevent fraud and can be assured that their sensitive data & information are kept confidential.
Transparency: Due to centralized data organizations can see the data throughout the supply chain process.
Reduced costs: By reducing mediators and simplifying processes, firms can help to reduce expenses and cost in the supply chain.
Increased efficiency: Organizations can easily identify blockages and other issues, which can be solved quickly to decrease disruptions.
Blockchain technology is a game-changer in revolutionizing supply chain management by building transparency, enhancing efficiency, providing automation and communication, and overall reducing cost. Blockchain is truly changing the whole supply chain management significantly.