Supply chain management is the process of controlling the entire process of supply, from raw materials to marketing for goods and services. Now, the supply chain lacks many things that are important, like transparency, security, dependability, etc. And these can be solved with the blockchain platform.
Supply Chain Transparency
I think the most common problem that supply chain management has been transparency in the process. That is because no one shares all the data of their supply chain. And that’s why many don’t trust many businesses and buyers hesitate when buying goods or services. At the same time, there is no visibility of the info in the supply chain management. But with the help of the blockchain, visibility can be an easy thing. That is because all the suppliers will be able to share their data, and others will be able to access them but won’t be able to remove or change the data. It will increase visibility and transparency.
Dependable Supply Chain
The main objective of supply chain management is to make sure the entire supply chain is going efficiently. And I think blockchain will make sure that a dependable supply chain is created. That is because smart contracts will help the supply chain to meet predefined criteria of business, and the smart contracts will activate when it meets with the most suitable predefined business model. At the same time, all the data will be linked and managed with efficiency in the blockchain, and all the data of all the production processes will be stored in a line manner, so it will be easy to create a dependable supply chain.
Privacy and Security
One of the most beneficial things about the blockchain in the supply chain is privacy and security. I mean, a public blockchain can be used so that all the data and info are stored and shared so that others can see and use them. But it will also make sure that no data are harmed, and security is hampered in the blockchain. At the same time, no other users will be able to remove all your data in the network and also can’t be able to alter all the data that you have stored in the network.
Many supply chain management organizations want the benefits of blockchain, like faster transactions, fewer fees, and full security and privacy. But the only thing that they don’t consider is the outside users. That is because they have much confidential info that they want no other people except their employees can access. In that case, a private blockchain network can be used so that no other people but who has the access to a private blockchain network can see the data. It’s a great way to share data and communicate in the network since no other people are seeing your data and information. At the same time, all the tasks will be done at a very incredible speed in the blockchain.