INTRODUCTION
Blockchain is a distributed ledger technology that can be used to create a secure, transparent, and tamper-proof record of transactions. This makes it ideal for use in supply chain management, where it can be used to improve efficiency and transparency in a number of ways.
TRACEABILITY
One of the biggest benefits of using blockchain in supply chains is that it allows for end-to-end traceability of products.
This means that all stakeholders in the supply chain can see where a product has been and who has handled it at every stage of its journey.
It helps to identify and address potential problems early on, and can also prevent fraud and counterfeiting.
EFFICIENCY
Blockchain helps to improve the efficiency of supply chains by automating many of the manual processes involved in managing them. example, blockchain can be used to automate tasks such as contract management, inventory tracking, and payment processing. This can free up time and resources for other tasks, and it can also help to reduce the risk of errors.
TRANSPARENCY
It helps to improve transparency in supply chains by providing a single source of truth for all stakeholders.
This means that everyone involved in the supply chain has access to the same information, which can help to reduce disputes and improve communication.
EXAMPLES ON HOW BLOCKCHAIN IS BEING USED TO IMPROVE THE EFFICIENCY AND TRANSPARENCY OF SUPPLY CHAINS TODAY
(1) WALMART is using blockchain to track the movement of fresh food through its supply chain.
This helps to ensure that food is safe and fresh when it reaches consumers.
(2) MAERSK is using blockchain to streamline the shipping process.
This has helped to reduce the time it takes to ship goods by up to 40%.
(3) INTERNATIONAL BUSINESS MACHINE’S (IBM) is working with a number of companies to develop a blockchain-based supply chain management platform.
This platform is designed to help companies improve the efficiency and transparency of their supply chains.
CONCLUSION
BLOCKCHAIN has the potential to revolutionize supply chain management by making it more efficient, transparent, and secure.
As the technology continues to develop and mature, we can expect to see even more innovative and groundbreaking applications of blockchain in supply chains.