Blockchain In Logistics Industry

1
Blockchain In Logistics Industry

• Currently, digitization is continuously
  increasing in the functioning of almost every
  industry. Supply chain business is also not an
  exception to this trend, as supply chain owners
  are looking forward to digitizing their
  operations. And for the digitization of their
  business, Blockchain seems to be the most
  effective technology. Converting paper files and
  hard documents into digital data is a challenging
  task for most companies. There are several issues
  in this like warehouse management, inventory
  tracking, and ERP solutions. But, the Application
  of Blockchain technology or taking your business
  operations on Blockchain platform can assure you
  increased visibility, reduced inconsistency,
  increased payment procession accuracy, and
  elimination of compliance-related problems.
  Impact of blockchain in logistics and supply
  chains.

2
Effects of Blockchain Technology in Supply Chain

• Blockchain technology allows more secure and
  transparent tracking of all types of
  transactions, and it shows endless possibilities
  of improvement across the Supply Chain.
• 1. Intricate web involving suppliers
• 2. Lack of traceability
• 3. Lack of responsiveness
• 4. Lack of visibility
• 5. Data reconciliation
• 6. Lack of trust

3
Benefits Blockchain Technology in Supply Chain

• The nature of Supply Chain business is complex,
  and Blockchain technology can be a solution by
  ensuring several additional. Benefits of
  blockchain in supply chain
• 1. The creation of Smart Contracts brings higher
  levels of accountability among vendors and
  suppliers.
• 2. Blockchain ensures integrated paying
  solutions and reduces the time consumed in
  ordering and payment processing.
• 3. The creation of separate private
• 4. Blockchain allows recording all activities in
  the entire process
• 5. Blockchains ability to provide crucial and
  more accurate information

4
Feature of Blockchain Technology in Supply Chain

• Blockchain technology means to address these
  challenges with an open-source distributed ledger
  with the ability to record transactions between
  parties involved in the process in a verifiable
  and permanent manner.
• 1. Open and distributed
• 2. Efficient
• 3. Verifiable
• 4. Permanent

5
Improve Blockchain Technology in Supply Chain

• Blockchain technology has already been
  implemented in some of the Supply Chains, and
  according to the experts, the technology has the
  potential to become the universal Supply Chain
  operating system considering.
• 1. Recording
• 2. Tracking
• 3. Assigning
• 4. Linking
• 5. Sharing

6
Conclusion

• Throughout the Supply Chain industry, Blockchain
  is gaining popularity as a more reliable
  technology and efficient platform for automating
  the entire process. Blockchain professionals are
  leveraging the Blockchain technology benefits to
  not only the company owners but indirectly to
  their vendors and suppliers. Blockchains
  ever-increasing innovations can create new and
  specialized uses of technology and better growth
  opportunities in the Supply Chain industry.

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