Blockchain Supply chain - How does it works and why does it matters?

Blockchain Supply chain - How does it works and why does it matters?

By CryptoArgha | Crypto Argha | 11 Dec 2019


Blockchain is a urging technology made famous by world's first cryptocurrency named bitcoin

The popularity and adoption of blockchain technology is raising faster than any other cryptocurrency including bitcoin itself

In the year 1991 the concept of blockchain technology took place by Stuart Haber and W. Scott Stronetta.

They were the first ones to describe cryptography as a secured chain of block. They wanted to create a system that can record documents in a secure environment so that no one can mess with it

In the year 2008, the first conceptualized blockchain was introduced and created by a person known as satoshi nakamoto who also invented bitcoin

Unfortunately, Nobody knows the real identity of the creator of bitcoin neither the man who brought this technology to us

Now Blockchain is being accepted by major industries and tech companies such as Microsoft, Toshiba, Samsung and toyota.

The blockchain technology is now being used on platform for ioT, Security,artificial intelligence and prediction analysis.

Nearly all Leading companies are currently using the supply chain and management software


How does blockchain helps in supply chain?


The analog gaps within the ecosystem of the supply chain makes the system slow and lagging and creates problems while it comes to take look into the product production in supply chain

Blockchain makes it possible for large number of partners in the ecosystem to share key peace of information

Instead of having a central system block based supply chain transfers all data and transactions across the network so that it can be synchronized through blockchains, and all the participants verify the calculations and work of others.

The logic of blockchain gets applied to the
supply chain. The security and redundancy applied to the blockchain gives it power along with safety

This will allow supply chain partners with nodes that will create the foundation of an new way of management of supply chain

At the core of the chain there cant be two location for the same information in the inventory at the same given point of time,

When the product is moved from its orginal location the transaction status for the goods will be updated to In - transcit and everyone can view that.


Power of blockchain applied supply chain

 

The blockchain based business can grain real time deatils from its digital ledger

In the blockchain the transction of goods movement spreads across all the nodes. This saves time along with money and effort


Visibility and Savint time using blockchain


In a business driven by various vendors, subsidiaries and internal functions It becomes very difficult to keep track of the volume of a company along with real time report

Blockchain makes it simple by constantly refreshing the ledgar that provides all the data within the ecosystem

Blockchain saves alot of time along with money without blockchain big tech companies required to hire auditors to capture the volume of data in real time


Better data management and real time analysis

A supply chain is a process which includes multiple nodes of data generations

For a nornal human being its hard to understand and deliver tons of data correctly

Its hard for a normal human being and mistake is a common thing but not for blockchain

To understand how much product is stored in a particular location in frame of time and effort blockchain deploy its nodes to calculate the final result

This process consume lesser time, money and effort. to deliver the correct data in realtime

Big companies spent $1 per year to keep the inventory working and keeping the data stored on the chain but its not safe

Blockchain also has a solution for this problem as you just need create a supply chain on the blockchain and let the nodes work for you

The blockchain keeps and grains the capacity to tracks the resource on the chain along with maintaining the service at the same time


Digital contracts and Digital payment

 

Many researchers reported and many researchers showed that it takes around 60 days to 120 days for sending out payments to fortunate companies after delivery the product on the ground

Although most payment gets cleared by 30 days but still its hard for small or new startup earn out and getting paid for the product they delivered

Blockchain helps and consums the time of the payment received for each delivery. By using blockchain based asset it only takes 1 to 5 time to receive a payment

But in current payment systems it delays upto 30 days or even more. Here blockchain makes stuff really easy for small startups and helos them to get paid faster


Final Thoughts

Although its a new technology still people understanding the importance of this system and started using it. It might make some time to get mass adoption but for sure blockchain will be the future for all solutions

 

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CryptoArgha
CryptoArgha

Hi I am Argha. I write Blogs and Article Related to Cryptocurrency, blockchain and Technology


Crypto Argha
Crypto Argha

A blog Dedicated To Cryptocurrency and blockchain technology

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