The intertwinement between blockchain and supply chain has brought about lots of positivity without us knowing much about it. So, let’s take a look at the law and order that blockchain has brought.
So, if you also don’t know much about the supply chain, this is its overall picture
But, what has happened as blockchain adds to it?
Let’s look at what can blockchain change in the supply chain
Improvement of Food safety
Tracking the food supply chain and preserving it from contaminations is a hard job due to the lack of data and visibility, which also leads to slow reactions, unnecessary waste, and economic cost.
IBM Food Trust is a fair example of using blockchain here
Its main job is to track the food supply chain to guarantee the transparency of all product movement and status.
So, this time that a bat lead to a virus outbreak, the mainland could be easily found same as the contaminated food.
Solving logistic complexity
There are hundreds of go-betweens and much more back and forth between partners in the existing supply chain, which has led to attrition The exhaustion not only delimits the process but also adds some other people to the network .
Blockchain here reduces the complexity and the massive involved people through smart contracts, transparency, and traceability.
A prospering example is DHL which deployed the blockchain system on the logistic part .
International supply chain payments are mostly suspected regarding trust and transparency.
Blockchain makes it impossible to hide data on each side of a transaction .
Transactions between shippers, sellers, and any other side, are stored in a shared yet invariable database, which no one can neither control nor tamper.
Bext360 now is using blockchain to oversee all aspects of the worldwide coffee trade, using cryptocurrencies, this app guarantees the immediate payment to farmers.
No matter what are you going to manage, blockchain here is a big game-changer.
From public to financial management, there are lots of obstacles that blockchain can remove . For instance, a big challenge is to maintain security and effectiveness whilst also improving transparency. Blockchain can help to build a trustworthy source to support the broad field of decision making, reduce costs, ameliorate transparency and accountability
Ey.com is one of the best in this field, offering clarity to public and financial management
It especially helps governments to “drive transparency, provide accountable outcomes for citizens and track budgets, expenditures and results”.
There are more fields that blockchain can help us through, but where do you believe it is needed more?