The application of blockchain in the different industries is a relatively new trend, and industries are gradually exploring the benefits of the same. However, there are a few industries that are already enjoying the blockchain benefits, and supply chain management is undoubtedly one of them. The industry has to undergo a rigorous process of tracking and auditing, and hence, blockchain enabled solutions can play a great role in improving the process accuracy. For instance, renewed viability, increased visibility, improved accuracy in the payment processing, minimized compliance problems and reduced inconsistency can be assured by applying the solutions, based on this dynamic technology.
If you are not sure how blockchain can prove to be a game changer for the supply chain management industry, here are a few ideas to consider –
- Improved recording and tracking process – One of the key parts of the entire supply chain management process is to track and record the volume of assets. With a blockchain enabled solution, one can easily keep a track of the transfer and quantity of assets, as and when these shift between the supply chain nodes. Moreover, they can also track change orders, purchase orders, shipment notifications, and receipts, along with all other trade-related documents.
- Smoother finance transactions – Just like any other industry, it’s important to manage the finance with utmost accuracy for the supply chain management. With a solution that has been empowered by a blockchain, one can generate digital invoice and payments as well as a proof of delivery form. In fact, flawless communication can be ensured between the customer and the supplier, using smart contracts.
According to industry experts, if applied on a global scale, blockchain can bring significant change to the global finance market. It can not only make the market more efficient but also improve collaboration and reduce conflict. However, in order to ensure the maximum possible benefits and utilization of this technology, it’s essential to enforce proper planning and execution.