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Supply Chain transformation solution
Access to such information gives procurement teams the ability to predict breakdowns and intervene before they actually happen – particularly relevant to the pharmaceuticals and food processing industries , where the ability to track the materials and ingredients that make up a finished product is likely to become embedded in regulatory requirements . Paul , meanwhile , emphasises the impact of blockchain on data accuracy and reliability .
He continues : “ The enforced traceability of all transactions on chain – and the enforced reconciliation – means that , instead of copying data between silos , you ’ re actually moving ownership of digital assets in your blockchain model . The result is much more accurate , reconciled and reliable data .”
This level of data integrity is unprecedented in traditional supply chain systems and offers significant advantages for businesses seeking to optimise their operations .
Streamlining cross-border transactions International trade and cross -border transactions have long been plagued by inefficiencies , delays and high costs .
Fortunately , blockchain technology offers promising solutions to these persistent challenges .
Simon says : “ Because of its immutability and embedded automation capacity , blockchain can reduce the need for third-party services such as banks , transfer services , card processors to process transactions .
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