Businesses and customers are always looking to find a reliable source that can provide them authentic products. In other words, supply chain members request responsible sourcing and want a transparent system to minimize dispute ratio. The implementation of blockchain technology in the supply chain network will help its members to share trusted data through endorsed blockchain solutions.
Here are 5 Prominent Factors that can Improve Traceability
Build a transparent supply chain system
Supply chain system visibility is limited, but distributed technology enables recording, sharing, and transparency of data. The blockchain supply chain allows permission to a larger community across the network. When every participant of the chain can check the latest status of any product, transparency takes place.
Blockchain technology adds agility
A well-known fact that a single dispute in the supply chain network gives birth to multiple other problems. Most importantly, people mistrust the network. Blockchain supply chain system uses contracts to have a look at expected or predefined business results. In this way, this system adds agility to take action before any event.
Fast Onboarding Process
Starting a new business is always a critical step because it needs to build trust within the market. Many people hesitate to start their business because of the difficulties during the on boarding process. The application of blockchain in the supply chain helps new suppliers through the quick on boarding process. It stores vendor details permanently and builds trust.
Blockchain Develops a Reliable System
A supply chain network has multiple edges, and no one can predict the existence of fraud in it. In this condition, there is a need to build a reliable system that can eliminate risks. Blockchain development provides immutable and absolute transaction details. So, the blockchain supply chain system makes it easier to find a defective person.
Blockchain technology is a single source of truth for all the participants of the supply chain including buyers, sellers, and vendors. A blockchain database stores relevant data from all the parties and presents a complete view of the business. It includes overall purchases without knowing about the manager. Most interestingly, there is no need to manage operational data manually.
Highlights of the Blockchain Application in Supply Chain
Vaccine Supply Chain
The vaccine supply chain needs immediate actions to make it transparent because unauthenticated drugs can cause infections even deaths. In these conditions, there is a need to develop a network that can identify the criminals in the medicine supply chain. Blockchain technology makes it easy to trace every step in the supply chain to help manufacturers, distributors, dispensers, and the public.
Food Supply Chain
The fresh food supply is the major need of our everyday life. Any issue in food chain supply can cause health problems. So, there is an immediate need to develop a transparent supply chain ecosystem, especially for fresh food distribution. The application of blockchain increases food safety and makes the supply chain more efficient. It brings all the producers, suppliers, middlemen, and buyers together and makes a collaborative group. In this way, the food supply chain becomes transparent and trusted.
The Supply chain network needs improvements in terms of traceability, speedy product delivery, and finance management. OptimusFox is developing powerful blockchain solutions these days to deal with all these deficiencies. It is the best time for supply chain managers to access the benefits of blockchain technology for their businesses. The application of blockchain in supply chain networks will not only improve traceability but will make business reliable.