Introduction:
As businesses have extended their operations throughout the world, supply chain management is now harder than it used to be. Todayâs business organizations are in search of the means of strengthening control over production processes, protecting products from counterfeits, and enhancing their presence. Come into the stage, the blockchain technology which can provide more transparency, security and efficiency to the new supply chain system.
Thus at Justtry technologies we focus in implementing blockchain solutions as a means of fulfilling these requirements. No matter whether it is a startup or a large scale business with a number of years of experience in the market, blockchain is going to revolutionalise the way a businessman is going to manage, track and secure their supply chain so that they can be able to sustain the competiton.
To define the term, let us first consider what Blockchain in the Supply Chain means.
Blockchain is a system that comprises of several and distributed records where all the transactions are recorded and made tamper-proof. Unlike a normal database, blockchain involves no third party sometimes making it very effective in industries that require more of trust. In case of supply chains this indicates more and improved visibility, protection against fraudulent activities and a much more integrated workflow from one link to the other.
Whatâs so special about blockchain in supply chain?
Transparency: It starts with recording of each transaction that includes raw materials and finished products for the supply chain process and is visible to all the chain members.
Traceability: Blockchain, thus, offers the details of product traceability, through which companies can confirm their history of the product.
Security: Every record made on the blockchain is encrypted and therefore there are very minimal possibilities of fraud or counterfeit products.
Cost Reduction: The use of the blockchain system can lead to a reduction of costs throughout the organization since it reduces the use of intermediaries and automates several processes.
Blockchain has shown promise of solving some of the largest issues around supply chain â they tend to be inefficient, and thereâs frequently a lack of trust between entities. But, letâs look at the specifics of the values that blockchain can directly contribute to the supply chain.
Opportunities of the Implementation of the Blockchain in Supply Chain Management
Enhanced Transparency: This is made possible through blockchain technology in which every participant in the supply chain has a record of the movement of goods and transactions. This way, transparency does prevent any wrongdoings in the process with everyone being answerable for their actions during the proceedings.
Improved Traceability: In blockchain, you can map a specific product from the point of its manufacture to the point that it gets consumed. This is especially the case in the food, pharmaceuticals and luxury products where the authentication of products is of utmost importance.
Cost Savings: Blockchain eliminates third parties such as brokers, or third-party auditors since it is the technology that creates trust. This results in saving of charges on fees, audit and records.
Increased Security: Blockchain is a distributed network hence making it more secure than other systems which are prone to data breach and fraud. Each and every transaction is entered into a hash list and distributed over a network to ensure safety of the record.
Real-Time Updates: Through use of blockchain, data such as inventory status, orders and even the time taken in delivery can be completed within the shortest time possible. This makes sure that the companies can easily deal with any problems or variations in supply chain promptly.
At Justtry Technologies, however, we focus on assisting companies in adopting these blockchain benefits into their current supply chain management. Our experienced consultants, implementers and software developers are ready to help you to develop individual blockchain solutions.
Challenges in the Supply Chain that can be Solved by Blockchain
Despite the changes in supply chain management that have been brought about by the introduction of new technologies, traditional supply chains have the following challenges: Inefficiency, fraud and a sort of opacity. Blockchain resolves these challenges by providing a network environment whereby each transaction is well protected, transparent and cannot be reversed straightforwardly.
Fraud Prevention: One of the biggest advantages of using the blockchain technology is that the data is quite decentralized which makes it difficult to alter it. This is a paramount necessity for industries that are most often associated with fakes or frauds.
Automation with Smart Contracts: Smart contract- This is the digital contract where the conditions of the agreement are automatically coded and there is no need for intermediaries to facilitate the execution of the contracts. Typically, these contracts execute tasks that are normally done manually for instance release of payments or shipment.
Streamlined Auditing: Due to the possibility of ensuring an uncontrollable register of partnersâ transactions, the time spent on audits will decrease dramatically. This also enhances conformity to set industry standards and ordinance as required.
As we have noted in previous articles on this website, blockchain solutions provided by Justtry Technologies have enabled many organizations enhance their supply chain processes. Blockchain is already gaining relevance in supply chain management; for example, it was used to reduce fraud in the verification of products and also in automation of the shipping process.
Blockchain Game Development Companies: Creating Value beyond Supply Chain
It is therefore important for people to note that blockchain technology is not only a blessing to the supply chains of companies but is also revolutionizing other industries such as gaming. The companies that are in the process of developing games are embracing this technology to establish peer-to-peer gaming systems which are secure. The utilization of blockchain in gaming demonstrates the manifold use of this type of technology, which is capable of becoming much more than just the system for the supply chain management.
Pertaining to the GOâ s at Justtry Technologies, we value the progress of merchandising protons within the industry. That is why we are future leaders in our niche by providing blockchain technology for sectors such as video games, finance, and healthcare. Actual example can be observed with blockchain game development companies who are using smart contracts, decentralized assets for developing and playing games with more trust and transparency other than being build and monitored by centralized platforms.
The Future of Blockchain: Possibilities and Applications Regarding Supply Chain Finance
As we have established, blockchain technology is still in infancy that is yet to be unveiled, however the possibility is endless. More companies today are embracing the use of blockchain technology and this will make the supply chain faster, more secure and more transparent. To our mind, blockchain is the technology that is capable of enhancing trust and productivity within supply chains and Justtry Technologies aims at preparing companies for this shift.
Blockchain implementation proves to be disrupting in business organization irrespective of their size from start-ups to large organizations. It is herein discernible that through the adoption of the blockchain nascent technology, businesses are not only able to enhance trust levels with partners but are also able to improve on processes while at the same time minimizing on the costs involved.
Conclusion:
Blockchain technology is not just a trend; it is the real technological disruption that is already changing supply chain landscape. Key factors such as improving the level of transparency, accountability and security together with the possibility of reducing costs make blockchain technology a necessity for any organization.
Based at justtry technologies, blockchain development services for both emerging and established companies. No matter if you want to establish reliable supply chains or seek for new opportunities in various sectors starting from the gaming â it is high time to consider blockchain opportunities that will definitely help your business.
