Supply chain logistics has evolved into one of the most boundless and intricate industries operating worldwide. The rise of globalization had led to a flood in supply chain management’s complexity. However, the problem is that although the business expectations have transformed, the issues around transparency and traceability continue to exist. Blockchain-based supply chain management software’s integration offers solutions that improve the current supply chain ecosystem’s problems.
In this article, let us understand how blockchain-based software revamps the supply chain in different areas.
- Supply Chain Database:
Although multiple organizations and companies use the supply chains worldwide for their businesses, no single database can allow all the supply chain elements to access the data required to perform any tasks. Supply chain databases remain confined to centralized authorities that do not enable seamless access, thus widening the communication gap between two parties attempting to complete a transaction within the supply chain.
A blockchain-based supply chain management software can access its blockchain, allowing the decentralized distribution of data. This means any entity within the supply chain can access and view data essential for supply chain transactions, logistics and management activities.
- Traceability of Goods & Services:
One of the significant operations performs within a supply chain is tracking goods & services. Although internal tracking facilities have been perfected, third-party proprietors are responsible for communicating the goods’ status once they dispatch for shipment and delivery. Counterfeit goods have entered circulation due to the lack of quality inspection and traceability.
Blockchain-based software enables companies to track goods & services with authentication nodes that follow goods on a distributed ledger. They offer insight into the goods’ status by logging timely entries with relevant details of the commodity such as date, location, time, and delivery status. These data can be accessed by any blockchain member, thus offering real-time tracking facilities even after dispatched for shipment and delivery.
We can conclude from the above-discussed challenges, embarking on a Blockchain-based solution will resolve both existing challenges. One must approach a Supply Chain Management Software Provider to avail the blockchain benefits in real-time.