Here are 5 benefits of using blockchain technology in the supply chain process,
1. It reduces fraud in the supply chain process –
As the blockchain does not allow tampered information to add to the system, it gives fact that any fraudulent activity will be explicitly visible in the blockchain. Overall it reduces the entire concept of product counterfeiting in the entire flow of the supply chain.
2. It helps in increasing the trust among parties –
When two or more than two parties involved in the business, trust is the biggest factor that can make or break the entire business. And the blockchain technology is all about trust and transparency.
3. It reduces the paperwork in the business –
Implementing the blockchain technology reduce the paperwork by 15% in the business. It helps businesses by validating every single transaction with tight consensus algorithms. Which take care of all the thing from allowing information tampering and ensures validity.
4. It identifies the issues in the process faster –
Blockchain tight smart contracts protect the changes in the information. And whenever it finds something wrong happening in the inventory item, it would show up in the chain of custody.
5. It provides the best security –
Information that is exchanged under the whole process of any supply chain is confidential. Such information like invoices and other information which are confidential are floating around, the blockchain helps the businesses protect this information with the cryptography techniques the industry has seen today.
There are many companies who are exploring the different benefits of blockchain technology. If you want to implicate the power and the promise of blockchain technology in your business, contact the consultant team of Minddeft – Supply chain development company on,+1 (415) 968 5466