Before Start the Article.....
Read SCM-00 Supply Chain Management - Introduction
Blockchain technology started with the cryptocurrency like Bitcoin, Ethereum. But Today This Technology is used in many Areas like Educational, Health system, etc and it has very huge scope in Supply Chain Management.
BlockChain
Generally, when sellers sell anything, it is noted on the book or ledger. But in blockchain data stored in a block that can easily share with the customer, suppliers, etc. And this creates a blockchain, Chain of data which is impossible to change and easy to share with peoples. You can set rules like who can edit and view blocks. Blockchain also has the smart contract, Smart contract is the type of contract between two people, companies. Whenever contract term completed then automatically transition of money completed.
Importance of Blockchain in Supply chain Management
- Synchronize transaction: it means transaction information viewable by all systems and functions of the supply chain. So It is easy to know the payment status and help to save time.
- Improve Data Reliability: All data stored in a block and sets a rule that who can enter or change data.
- Increase trust: Blockchain improves the trust in the supply chain entities.
Blockchain synchronizes the flow of material. Money and Information.
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