Since the beginning of modern economy, various methods have been introduced to save and disseminate information. As the businesses expanded, the methods evolved and with the advent of computers, we saw a whole new order of maintaining information. History tells us that technology has always trade & commerce in many different ways. Supply Chain development is the study or method of managing goods which are transported from one place to another.
With the invention of modern means of transportation, importing and exporting of goods became a very common exercise which soon turned into a huge industry. It starts from the very beginning when the goods are being packed and finishes when they reach the place from where they are sold or consumed.
Coming back to the question, why does supply chain need blockchain? If you have only seen the process of transportation or delivery of goods, you can ascertain there is a great deal of book-keeping underlies the ships and trucks carrying goods across the borders and territories. There is indeed a huge amount of record-keeping and ledgers involved in the process of supply chain.
How does blockchain help?
With a decentralized distributed ledger, blockchain helps in disseminating information in the most secure manner. Unlike the centralized methods where the information is kept at one place under the total authority of one individual, blockchain keeps the information distributed across the network. The conventional or centralized method allows the data to be altered multiple times by person keeping it.
This leaves a loophole in the whole system and further allows the malpractices to occur. On the other hand, blockchains make the data inalterable with smart contracts. Every new transaction is recorded with smart contracts and each member of the network gets notified about it. With respect to supply chain management, it is a great help as it deals with saving the information of goods alongwith their quantity, price, taxes and other charges.
Streamlining the industry
With blockchain, Supply Chain development gets streamlined and optimized, rendering the delivery faster with precise records. Blockchains are utilized to a higher degree in supply chain and, they make this whole business transparent and flawless. The process of delivering goods involves several kinds of duties and taxes such as octroi, freight or VAT. Keeping all these records is essential to the companies dealing with supply chain.
This expeditionary business can be maintained impeccably with the help of blockchains. The level of perplexity can be assumed if a single account is mishandled in the course of delivery. That’s why blockchain becomes an appropriate technology with which supply chain management can reach the state of perfection. Today, it has become essential for every supply chain management company to deploy blockchain to keep its business extricate and well-organized.
Technoloader is a blockchain development company. We offer services on supply chain development over blockchain and have supplied well-designed and robust mechanisms based on blockchain to several supply chain management companies. We have mastered the blockchain technology and know what exactly you need in order to meet the requirements of your industry.
