Because of blockchain technology, a lot of changes have occurred in the way that we think about the administration and security of data. The basis of blockchain technology is a decentralized digital ledger that can record transactions in a transparent and secure manner. This technology has a significant amount of potential applications in supply chains, which require transparency and accountability in order to guarantee the application of moral business practices and reduce the amount of material that is thrown away.
The purpose of this paper is to investigate the potential applications of blockchain technology in supply chain management, including the monitoring of items from the farm to the consumer’s table, the reduction of fraud, and the enhancement of overall efficiency. By taking a look at the applications of blockchain in the real world, we can have a better understanding of how this technology may alter supply chains in the years to come.
Supply chains are the essential component that supports the success of many businesses. They are concerned with the processes that take place between the producer and the end user. It has always been challenging to get all of the people involved in a particular business to cooperate with one another.
However, the technology behind blockchain might provide many different kinds of organizations with a new level of transparency. To achieve more consistency and confidence, many companies want an interoperable supply chain ecosystem that centres on an immutable database.
Check out Blockchain Use Cases: Supply Chain to learn more.