Why implementing blockchain in the supply chain is mandatory?
Neither supply chain management nor blockchain development is a new term for us. Stepping into the second decade of this Millenium, we are aware of almost everything that relates to the cryptos and its technology — blockchain. Though we are familiar with the terms, what we don’t know is the immense benefits that it could bring us.This blog is another effort into shedding light on how supply chain management software can help your company simplify the processes.Is ‘simplifying’ the only need for a blockchain implementation? Is it worth all the efforts?If this is what you’re trying to figure out then, yes. The apt explanation comes in a short while.Why supply chain management development?Why not? As we know the supply chain is the most complicated industry with more than a hundred levels from the manufacturing to the very end when it reaches the end consumer.There are so many complications related to communication, data transfer, manpower scarcity, power issues, intermediaries and what not.Now coming to everyday challenges, here are some shocking matters you should know!You may not have the slightest clue that the diamond ring you gifted your darling is not real! Shocked? Hold your horses!Did you know that the Versace you recently bought was replaced with a dupe during shipping?The lamb meat you recently had, was cut a month ago and packed with no preservatives. Imagine having it only to land up in a hospital!Okay, wait! Here is something to make you feel better.Supply chain management software could track every move of the product from the company to the very end when it reaches you. Besides this, there are numerous benefits.Hop a bit to uncover more.Live TrackingSupply chain management software helps you track the location of the desired product at any point in time. Blockchain’s transparent nature helps anyone know the information and circulate when required.Smart contractsImplementing smart contracts in the process keeps manual flaws away and cuts costs. Besides that these completely eliminate the need for intermediaries, physical presence and signature of the people concerned.Records ManagementUploading the data on a decentralized, distributed platform will make it accessible for all the nodes. This way even if the company operates in multiple locations, maintaining the records in one place will be easy.Customer RelationshipsWhat could be better than satisfying your customers with exactly what they wanted? They’d come time and again for your seamless service. Also, product returns and replacement will be easier than before.These are just a few instances that describe why supply chain management development is mandatory for your company.There are numerous other benefits that you could not even imagine. That’s for the next time.Keep watching this space for more interesting info on blockchain’s role in the supply chain.