Blockchain, being the talk of the digital era, serves as a public ledger that records digital currency transactions. The technology of blockchain also comprises of splendid features like consensus mechanism, immutable data, tamper-proof, transparent, and decentralized system.
The supply chain is one of the integrated systems of every product industry. Change that is made to supply chain management will make the entire world of consumers into a better version! So, let’s talk about the potential changes that can be brought while implementing blockchain in supply chain logistics.
In simpler terms, let us get a keen knowledge of blockchain and its use cases on supply chain logistics!
Blockchain is a digital, decentralized database that records transactions in chronological order. The data block once added to the blockchain database, can never be altered or deleted. It’s a high wall that never allows hackers to shatter them, as it comprises of unique hash value generated through SHA-256 algorithm.
In simpler terms, the SHA-256 bit algorithm is the process that generates alphanumeric output hash value from the data input that can’t be reverse-engineered. By now, you’d have gained what blockchain is!
Now let’s analyze how blockchain can disrupt the process in the supply chain!
The primary process of supply chain logistics management can be made easier when blockchain solutions are implemented.
Here’re some of the sneak-peek supply chain processes that can be handy with blockchain implementation!
Quantity of products that have been transferred from one point to another has to be logged appropriately with no errors in the supply chain. Blockchain can shake hands with this process and help you track the remaining transactions.
In the product industry, it has become a mandate to deliver products at the doorstep. People are interested in tracking their products right from the outlet. Blockchain’s decentralized data ledger can help to trace the products with no hassle.
When the government officials try to inspect the products, some scam industries try to legitimate the existing process. Instead, if the entire process is transparent with the blockchain database, it’s easier for officials to inspect and can automate the monitoring of the lifespan of products.
The supply chain can be a happy-go-lucky task while twinned with blockchain. For blockchain supply chain solutions in your firm, tap us in live chat or Telegram
