Blockchain in Supply Chain Management !

 

Blockchain in Supply Chain Management !




The Supply Chain Industry looks set to embrace blockchain's potential to improve processes and trace products to their origins.

Block Chain:

Blockchain is one of the key innovative technologies revolutionizing digital supply chain management. As supply chains grow more complex in nature, involve diverse stakeholders, and mainly rely on a number of external intermediaries, blockchain emerged as a strong contender for de-tangling all the data/documents/communication exchanges happening within the supply chain ecosystem.


How a Blockchain works?


How Blockchain Works | Smart Payments
                                                                                                                                                                                 



Bitcoin as an Example of Blockchain

 


Bitcoin is just one way of using blockchain. However, it also happens to be the most well-known example. Bitcoin is a recently invented currency that is separate from any state-controlled fiscal mechanism.

Entirely digital, Bitcoin exists thanks to the distributed ledger of transactions on computers across the world. You can buy Bitcoin from Bitcoin exchanges. You can then use the Bitcoin as currency over the Internet to make and receive payments.

Each payment transaction is added to the ledger, which can be consulted by anyone at any time. Details like the amount, time, and date of each payment are visible, although the identities of participating parties are not. Bitcoin holders therefore usually do not know each other. To deal with this anonymity, Bitcoin uses another distributed mechanism called mining to add blocks of transactions to the ledger in a secure, tamperproof way.




     Blockchain technology for supply chains--A must or a maybe? | McKinsey        

Conclusion:

Blockchain has introduced its potential to bring out positive changes in many industries and businesses till date including the supply chain industry. In fact, the supply chain management is one of the most obvious and useful applications of Blockchain technology, therefore, we can expect it to grow at a very fast pace in the near future. The source of successful operation of a supply chain management system is to keep a robust, transparent and end-to-end communication.


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