5 Ways Blockchain Technology Has Improved Supply Chain Management

The blockchain has been touted in recent years as a groundbreaking concept that has provided people with an alternative way of transferring money with its application through cryptocurrency. But despite being often associated with crypto, this ledger-based technology is getting more prevalent in other applications such as personal records storage and contract preparation.

Blockchain Technology Improved Supply Chain Management

One of the more notable use cases that have been emerging is supply chain management (SCM). Simply put, the supply chain encompasses a network of entities, technologies, and resources that are relevant to a commodity’s manufacture and sale. SCM involves activities at different stages of the production cycle, from the sourcing of materials to the final product’s distribution to stores. As such, it’s important for industries to have smooth and transparent SCM procedures to mitigate risks, speed up time to market, and lower production costs.

5 Ways Blockchain Technology Has Improved Supply Chain Management

Thanks to blockchain’s reputation for speediness and security, managing organizations’ production and logistics operations is now smoother than ever. In this article, we’ll discuss how this technology has improved all aspects of SCM—from monitoring the factory line to improving end-user feedback.

1. Blockchain Ensures Transaction Security

Blockchain technology uses cryptographic techniques like hashing to provide a trail of transactions that prevent data tampering. It is also based on a zone architecture that allows users to share data securely and maintain the confidentiality of such data. On top of that, blockchain users can also benefit from full end-to-end security by using crypto-specific wallets like an XMR wallet when storing high-value Monero assets.

Once you make a transaction on the blockchain, the system creates a “block” or copy of that transaction, which is then sent to all nodes across the network. And because updates are distributed across the network, all parties are aware of where their money travels. To breach a transaction, hackers would need to forge a large volume of blocks, which are already difficult to copy in the first place. Virtually tamper-proof blockchain networks give way to heightened payment security for stakeholders at all levels.

2. Blockchain Has Made Operations More Traceable and Transparent

As mentioned earlier, blockchain provides an audit trail of actions that enables all parties to gain greater visibility over their transactions. Payments and procedures are recorded on a distributed ledger, ensuring utmost traceability and transparency across the network. It’s also important to note that records made on the blockchain cannot be erased, so logistical issues can be easily traced back to the source of the incident.

Additionally, having this traceable log allows stakeholders to track the sources of raw materials, making it easy for stakeholders to address component issues and potentially illegal activities emerging at any stage of the production cycle. Essentially, blockchain allows all parties to monitor production progress by recording pertinent information such as prices, certification, and location. This helps organizations prevent issues such as counterfeit products and unethical practices by outsourced manufacturers.

3. Blockchain Ensures Efficiency by Streamlining Operations

Blockchain networks are web-based and use cloud computing to store information. Having data and workload on the cloud allows partners such as suppliers, manufacturers, warehouses, and distribution centers to collaborate anytime and anywhere in the world. The automated nature of blockchain also allows stakeholders to reduce the need for manual administrative tasks and paperwork, essentially improving efficiency and communication throughout the whole supply chain network. Some organizations have also integrated radio-frequency identification (RFID) technology into their networks, which quickens the process of finding and tracking lost items.

In addition, blockchain networks allow users to make real-time international payments without going through intermediaries like clearing houses or banks. This allows stakeholders to take advantage of low-to-no banking processing fees, quicker movement of products, and reduced risks of getting fined for late tax payments.

4. Blockchain Helps Businesses Boost Customer Satisfaction

Consumers nowadays are putting more focus on brands’ compliance with ethical business practices and sustainability efforts. With the transparency of a blockchain network, businesses are now able to provide customers with an overview of how the company incorporates social consciousness in its processes—from the sourcing of raw materials to the treatment of laborers.

Moreover, blockchain also has beneficial uses at the retailer level. Retailers can access blockchain databases to give customers updates on shipping and delivery times. All in all, responsible data sharing between organizations and consumers can help organizations improve the delivery of better customer service, deepen client relationships, and fortify brand loyalty.

5. Innovation Across the Chain

There’s no doubt that blockchain has changed the way transactions and operations are being done throughout the digital landscape. That said, the use of blockchain for SCM has yet to see widespread popularity across the globe. Blockchain is still an emerging technology, but the transparency, security, and speed that come with it all prove that the concept shows plenty of promise. With all its benefits, blockchain could be a way to resolve pervasive supply chain challenges such as lack of supplier visibility, inefficient systems, delayed payments, bad inventory management, and uncoordinated product distribution.

Hopefully, we will soon see blockchain fully develop to innovate supply chains and deliver value—not just to the stakeholders and partners, but also to the workers and end users.

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TechGlobeX: 5 Ways Blockchain Technology Has Improved Supply Chain Management
5 Ways Blockchain Technology Has Improved Supply Chain Management
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