Blockchain technology adoption has continued to gain traction in several industries, especially in financial services. Now, it has evoked the interest of key supply chain players looking to achieve efficiency and productivity while strengthening security and reducing costs. If you are a supply chain manager who is uncertain of blockchain’s capabilities and wants to determine if blockchain supply chain management solutions are feasible or not, this article may give you the answers you need.
Multiple parties’ involvement in the supply chain management
When there are several external partners involved in your supply chain, its processes become more complex and time-consuming. Moreover, it takes days to process payments and trace products or parts back to their origin due to intricate, globalized supply chains. Currently, supply chains also have a scarcity of solutions that can trace exact sources of materials or confirm whether processes have been followed ethically.
If your business supply chain comprises of several parties working across different geographies, blockchain implementation can bring significant benefits to it. It can enable you to store, manage, and track all operations and transactions through a single, distributed, automatically updated ledger.
If you are not facing such an issue, read on how blockchain solutions in supply chain management can still make a difference.
Blockchain smart contract solutions offer end-to-end traceability and tracking of products, from the provenance to the customer-shelf.
Mistrust between involved parties
Often, supply chain management lacks trust among involved parties, which makes even simplified processes stressful and complicated. It compromises a supply chain’s integrity when one party does not trust another party of recording data accurately.
Ultimately, blockchain is about solving trust issues through transparency.
It provides end-to-end transparency through its distributed ledger, which enables all stakeholders in the chain to view and confirm others’ actions. That means nobody can change the data verified across the network without achieving consensus. It makes data tempering or hacking almost impossible.
If your supply chain depends on intermediaries to establish trust, blockchain can be beneficial as it eliminates their need with smart contract solutions.
If you own a manufacturing or e-commerce business, undeniably, you must use a supply chain management solution.
You can now develop the next-gen personalized blockchain supply chain Development solutions!
Blockchain and the Internet of things (IoT) are two recent technological advancements transforming different industries.
Industries are finding Blockchain and IoT two most important strategic technology trends in 2020, According to IDC, 20 percent IoT deployment involve basic levels of blockchain services enabled.
Blockchain is a type of distributed ledger which provides characteristics like traceability, auditability, security, and efficient collaboration.
IoT is a network of smart physical objects and things capable of connecting to that network to send and receive data.
In the following sections, find out key value drivers that the combination of blockchain and IoT provides for contemporary supply chains.
Global Supply Chain FinancingSupply chains involving parties across borders and cross-border transactions require voluminous paperwork and bureaucracy.
BlockchainFirm is a supply chain management software company that offers dynamic supply chain management software and with the right software on board, you can increase your productivityhttps://www.quora.com/What-are-the-features-of-a-good-supply-chain-management-SCM-software
Food traceability is the most awaited concept in the growing health conscious population.
According to the latest report, the chances of dishonest activities are possible in any part of the supply chain.
The red meat is vulnerable to many problems including illegal slaughtering, improper storage, and prolonged preservation.Here food traceability becomes a necessity to know if the meat we consume is actually qualified as a safe product.
Tracefood provides end to end traceability solutions to make your supplychain more transparent building complete trustworthiness with Blockchain solution for beef and Blockchain in Pork IndustryThe meat and poultry sector can be broadly divided into 3 categories: beef, pork, and poultry.
Another report states that semi cooked or ready to cook spicy meals were particularly vulnerable to this crime, as the swap cannot be found due to being overpowered by other flavours.There are many cases reported in UK where they transport horses posing them as leisure utility and slaughter them in illegal places and mix them up with other meat.Diseases Many countries have prohibited the import of pork that have been given ractopamine - a feed additive drug used to increase he muscle of the pigs instead of fat.
Downfall in the health of the farm leads to pigs easily vulnerable to swine flu and other dangerous illnesses that spread up rapidly.Trade issuesPork industry is prone to many wet markets which show no interest in quality and legitimacy.
Meat supply chain management has been made simpler these days right with the integration of blockchain in meat despite the complexities involved…The global meat production, processing and supply involves a vast set of elements and data and so that it is vital for every supply chain system to track, trace and present the data.
Even though it seems to be inevitable for the smooth processing of the meat supply chains, it is not that much easier to achieve.Yet, the community of meat manufacturers, processors, retailers, packers and the consumers very much rely on this vital information and they demand it the most than anything.So, what would be the viable solution for this challenge?
Yes, it is the technology blockchain in meat that could help us in addressing out this major traceability challenge appropriate to the meat supply chains today.
Since blockchain is basically a public ledger of information that helps store the processed data in any sector, it fits the most in this case.The blockchain technology for meat has come up as a decentralized network helping each and every network participant to be aware of the overall system data in the supply chains right from the production to the table.Not only the tracking and tracing of data can be done via the meat supply chain blockchain; Beyond that, the technology finds its importance as well in customizing the overall data flow between the producers and the consumers thus making the entire value chains efficient ever.How does the meat supply chain blockchain account for data transparency?With the rising challenge of fraudulence and misconceptions in the food industry, there comes an inevitable need and demand for the production of organic and highly sustainable food items from the consumers’ side.In order for the organizations to meet this unavoidable demand over time, craving out for the best technology solutions that could help strategize the overall supply chain cycles has turned to be an essential aspect so as to ensure the sustainability of the products in the industry.
Here comes a need for the enterprises to provide complete end-to-end data transparency to the end users in order to make them satisfied on the go with ease.But this is not just a simple task to do as the supply chain systems are very much complex to retrieve data in nature.
Yet, we have a wonderful technology which is nothing but the blockchain in meat that has been evolving out in disclosing the overall data about the products to the consumer community with ease.By the way, the global food safety and provenance levels will get improve a bit forward and so that attaining out a fraudulence free food market is quite possible with blockchain.What we (tracefood) are and where we stand today?Tracefood is a food technology solutions provider operating out with a vast level of experience and expertise in the field of food supply chain management.
