Supply Chain Management
Flow of goods and services and management of these supply chains is called supply chain management.This supply chain involves movement , storage of goods or raw materials and inventory and finally movement of final goods or finished good to the point of consumer or destination,these interconnected networks and nodes or channels of producing to delivering goods is called supply chain in Commerce. Supply Chain management includes design, planning, execution, control, and monitoring of this chain with an objective to create a specialized infrastructure ,leverage,synchronization and logistics for measuring competitiveness and control over the business,which is an essential part of the business.
How supply chain has changed over time
Supply chain in over 10 decades has an incredible change as in early days supply chain was very easy but due to glut and competition supply chain has a drastic change due to rise of computers in 1980's and innovation has made this chain really complex and since there is a high use of this chain due to high amount of demand and supply of goods resulting more complexity of these chains.
Are these supply chains efficient enough ? , answer is No because there are inadequate resources to investigate problems involved in such supply chain.Blockchain has power to eliminate this unethical and illegal practices by being a significant factor for improving transparency and value of product.
How Blockchain can improve Supply Chain Management
Let me remind you that Blockchain is a distributed, digital ledger of records and transactions which are highly secured with cryptographic hash interconnected to each record forming blocks.Blockchain uses nodes of computer to connect and distribute information in which every block has a links to another computer.So,ultimately this technology is highly transparent which is highly confidential and scalable which can give a highly efficient impact in delivery and payments.Reliability is very important in any business and blockchain is the one which records transactions which are open for all and cannot be erased ,So it can be trusted by customers as well as producers.
Examples where Blockchain is used in supply chains
Retail and Food industry -
Walmart ,Unilever, Nestle, Tyson and Dole have successfully used blockchain to record transactions.For an example - Walmart deals with a supplier in China and Starts keeping records from, processing , storing and selling through which increases Walmart's transparency and efficiency in its organisation.Walmart was able to track its production from from six days to two seconds.Walmart patented its “Smart Package” system to track its packages.E-commerce
JD.com ,a Chinese e-commerce giant is implementing blockchain to track quality and origin of fresh products which will help customers to monitor the resources such as vegetable where it had grown to their doorstep.
- Mining - BHP Billiton, world's largest mining firm announced that it will tract data of all its mining process through blockchain technology by recording all data in mining process with its vendors.
- Cargo -
Shipping is a lengthy process which involves many formalities and documents such as bills of lading, port documents, letters of credit other than this there are several time-consuming processes.With the Blockchain there can be faster transaction and track of package which increased transparency and trust in consumers.Cargo system can be benefited in following ways - - Reduction of waste.
- Less Documents.
- Faster Payments
4.Track of package and records. - Less fraudulent practices.
- Receivers surety.
So,blockchain is very reliable ,scalable and secure platform for Supply chain improving productivity and transparency many startups such as Cloud Logistics has saw the opportunity to provide supply chain solutions by reducing cost and improving efficiency at major scale of production and supply.Blockchain technology is changing world providing the way to work different and decentralized.
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The last supply chain based blockchain project i believed in is sophia tx. The rest of em are shit! i cant even imagine why i put my funds on such projects. Only SPHTX seems to be a promising investment as it appears here too. https://www.investinblockchain.com/altcoins-hodl-2020/
Not really. Should have research more about other projects too. Like Origintrail, gonna share this video here so that you can understand their very own way of using the blockchain in the supply chain
this is a really great one! Blockchain has been contributing so many things on different industries so why not in supply chain right? It will be much better and when it comes to food it will be much healthier and safe coz we doesnt really know where are the foods that we are consuming comes from