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What is Blockchain technology also referred to as?

What is Blockchain technology also referred to as?

 

 

The supply chain plays a significant role in ensuring that all products reach the customers efficiently, and “Blockchain” has emerged as a transformative force in this regard. Blockchain’s crucial role in supply chain improvement lies in cost reduction, enhanced traceability, and better security. This article will explore how blockchain improves the supply chain. Let’s start reading!

 

Blockchain

Improved Transparency

Blockchain enhances supply chain management by boosting transparency. Functioning as a decentralized ledger, it empowers all participants in the supply chain to possess a unified, shared perspective of the entire process. 

Blockchain allows real-time tracking and goods monitoring, thus enhancing supply chain transparency and building strong trust among partners. Think of it like KFC free WiFi for your supply chain, letting everyone access the same information in real-time.

Increased Efficiency

Efficiency is one of the key features of any supply chain success, and blockchain is also transforming this field. Blockchain automates the supply chain operations by using special contracts and thus reduces errors, delays, and other inefficiencies in the management process. Moreover, blockchain also improves operational efficiency by streamlining operations and making a reliable supply chain. 

Reduced Cost

Cost is one of the significant factors that one must focus on to improve the supply chains. Blockchain can also reduce costs by streamlining operations, reducing human errors and other operational inefficiencies. 

Moreover, blockchain also automates many supply chain processes and thus reduces the need for workers and thus reduces costs. Blockchain also allows inventory management and automated payments, and these aspects collectively result in reduced costs and increased profits. 

Better Security

Security breaches and frauds are some of the biggest concerns of the supply chain, but blockchain is ensuring better security by its decentralized and cryptographic nature. Blockchain creates a secure and transparent system for sending and receiving information and transactions among team members and supply chain partners. Moreover, blockchain also builds a relationship of trust and reliability by enhancing security and reducing the risk of cyber-attacks, hacking, fraud, and data breaches. 

Enhanced Traceability

Traceability is all about tracking the journey of a product from its origin to its delivery, and blockchain plays a significant role in enhancing the traceability of products in the supply chain. Blockchain enables enhanced traceability by tracking every moment of products and transactions and thus improves the overall supply chain processes. 

For instance, Whopper WiFi also allows to track the products with even greater accuracy and speed, ensuring that they reach their destination on time and in perfect condition.

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