Five uses of blockchain in supply chain management
Five uses of blockchain in supply chain management
Blockchain tech is revolutionising supply chain management through increased transparency , security , and efficiency . Here are five uses of it in supply chain management . TRANSPARENCY Blockchain technology can provide real-time visibility and tracking of goods and products throughout the entire supply chain , from production to distribution to end consumers . This helps to increase transparency and trust between different parties in the supply chain . PRODUCT AUTHENTICATION Blockchain can be used to verify the authenticity of products and prevent counterfeiting by enabling secure and tamper-proof records of a product ’ s origin and movement throughout the supply chain . Quality control Blockchain can be used to track the quality of products as they move through the supply chain , enabling faster identification and removal of defective products , reducing waste and improving customer satisfaction . FINANCE Blockchain can be used to facilitate supply chain finance , providing secure and transparent records of transactions between suppliers , manufacturers , and distributors . SMART CONTRACTS These are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code .
They can be implemented using blockchain technology to automate and streamline supply chain processes , reducing costs and improving efficiency .
“ For most consumer products the value proposition around traceability is in the prevention of fraud and the verification of sources ,” he says . “ For many other markets traceability provides additional authenticity and an ability for consumers to trace the history of a product .”
He adds : “ The case for traceability gets firmer as you delve into products like pharmaceuticals , for which counterfeiting are potentially life-and-death issues .
“ In these cases , the ability to trace bad batches of ingredients down through the supply chain quickly is invaluable .”
Peroni is a blockchain champion One of Brody ’ s case studies is Peroni Nastro Azzurro , the Italian brewery , which is one of the world ’ s biggest users of blockchain traceability technology .
Nearly every bottle of beer it makes and sells worldwide now features a QR code for product traceability , located near the neck of the bottle .
“ Scanning the QR code with your smartphone will take you to a customised web page showing the history of the product and its agricultural origins ,” says Brody .
Paul Brody ’ s book , Ethereum for Business , is available on Amazon , for Kindle or as a paperback
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