OVERVIEW
The Block Chain technology is a boon to supply chain industry. It is one of the greatest technological innovations transforming this industry. Block chain technology comes with the ability to provide direct access to the information concerning to the product or service he is using. If you go by the words of any block chain expert, you would believe that the block chain is here to transform the supply chain industry.
What are the shortcomings in supply chain industry?
Back in history, supply chains were relatively simple as commerce was low, but with time they have grown incredibly complex and people began to see many shortcomings in supply chain industry. Due to the lack of transparency consumers would never truly know the value & quality of the product they have been using. It becomes difficult to investigate supply chains when there are illegal practices happening. Also, there is difficulty in tracking the invention or geographical displacement.
Effective management of supply chain holds great importance because an optimized supply chain is accountable for lower costs of the products and a quick production cycle. Earlier the concept of supply chain was brilliant, but looking at today’s scenario, it lacks competence to fulfill the purpose.
What is block chain & how is it benefiting supply chains?
A block chain is a distributed, digital ledger that maintains the ordered records known as blocks. These blocks are temper resistant i.e. the information in a block is locked and can’t be altered. This makes it highly secured place to store records or data especially for the companies who work together on the internet.
The block chain has the potential to eliminate all the issues cropping up the supply chain & transform it into the most efficient process. This technology helps increasing the efficiency of the supply chain process.
According to the block chain expert, block chain is enhancing the supply chain industry in many ways.
Here are the 6 key areas where the technology can add value include:
Enhanced transparency
Everything that goes in between the process of supply chain from the supplier end to the consumer end is documented permanently and is accessible to all. Hence, the consumer would know each & every single detail concerned to the final product which is not possible with old supply chain methods.
Real-time tracking
Where supply chain fails to record all the details due to the expanded work area, block chain helps to record the information in spite of disintegration of work. A consumer can track all the aspects concerned the product or service. With old supply chain method this is tough nut to crack.
Better Security
A shared, permanent and tamper-proof ledger with codified rules provides a thorough security to supply chains. Block chain offers great help to the industries which are involved in storage of sensitive information as it is highly secured & can’t be hacked.
Greater scalability
With the block chain technology any no. of participants can be easily added to the process, making it vastly scalable.
Increased Innovation
The decentralized method of the technology offers plenty of opportunities to produce innovative uses of this technology.
Certifications & Labeling
Block chain helps in verifying certification or physical properties of the products which helps to determine the product. Also, linking physical goods to serial numbers, bar codes or digital tags has become easier which helps in efficient tracking.
Conclusion
Block chain has enhanced the process involved in supply chain management which makes the supply chain industry more efficient. This innovation is going to bring great opportunities & favorable changes to all the industries.
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