Fundamentally, supply chain management refers to the management of the flow of goods, products, and services, including data and finances.

The activities also span across areas like procurement, product lifecycle management, supply chain planning, logistics, and order management.

The SCM can also stretch to the processes for global trading, like the management of global suppliers and multinational production activities.Benefits of Supply Chain Management SystemHigher Efficiency RateReduce Cost EffectsRaises OutputRaises Your Business Profit LevelBoosts CooperationLowers Delay in ProcessesEnhances Supply Chain NetworkHow does blockchain help in SCM?With blockchain technology-powered distributed ledger, it is possible to optimize the efficiency of supply chain management for diverse industries.

At Oodles, our blockchain experts suggest that blockchain solutions can address several challenges residing within complex supply chain processes and provide benefits like:Reduce errorsAvoid product delaysEliminate fraudulent activitiesImprove managementIncrease consumer/supplier trustSupply Chain Management Challenges that blockchain applications or solutions can addressData visibility and consolidationChallenges: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.Opportunities: With blockchain record-keeping solutions, all supply chain stakeholders can securely and simultaneously store and share this information.Tracking, transparency, and trustChallenges: It is difficult to track the source of flawed parts and trace the provenance of previously shipped products.Opportunities: Blockchain SCM can have a product’s entire geographic flow.

However, blockchain-based SCM can provide solutions to resolve these issues in real-time.

As per the occurred issue, it can instantly trigger actions like supplier substitutions or price adjustments.Use CaseAlice wants to buy a rare and costly medicine for cancer treatment from a medical store.

Super Bowl is one of the major sporting events all over the US.

It is all about celebrities and action-packed football games.

According to reports, the global sports industry is currently worth $1.3 trillion.

The introduction of blockchain technology in the sports industry can significantly resolve some of the major issues like ticket scalping, drug testing management, and enhancing fan engagement.

A blockchain and smart contract-powered p2p solution can provide an integrated solution that seamlessly connects sponsors with the rights holders.

It can enable them to execute and manage transactions more efficiently with precise logs and cryptocurrency-based payment solutions.

MultiChain refers to an extended open-source Bitcoin fork.

It presents a set of features and enhancements, especially for enterprise and business use cases.

It provides an optional but unique consensus-based permissions management for consortial blockchain solution requirements.MultiChain Benefits or Key features– Private Shared Database– Control of Capacity and Cost– Designated ‘Miners’– No Cryptocurrency– Blockchain as Tool, not IdeologyMultiChain Blockchain Use CasesFinancial Systems for Crowdfunding and Loyalty Points, Among OthersA group of institutions develops a financial system.

However, there are shortcomings that make them impractical.– No traceability– Costly and complex to create new units– Slow and costly to send in large numbers across long distancesTraditionally, we avoid these shortcomings of physical tokens by representing assets’ ownership through a ledger maintained by a trusted intermediary.

The intermediary oversees and enacts an ownership transfer by updating the ledger’s content as a response of an authentic request.Unlike complex settlement with physical tokens, the intermediary defaults or reverse the questionable transactions easily.

Centralization creates significant security issues in both technical and human terms.

It is gradually attracting the interest of traders across the world.

It can be called an alternative to STO and ICOs, which essentially acts as an intermediary between projects and contributors.What is IEO (Initial Exchange Offering)Technically, an IEO campaign is another form of ICO.

While a public ICO enables anyone to participate in the offering, in an IEO only members of that particular exchange platforms can invest in tokens.

Rather than following specific steps of an ICO campaign, the project team can follow an IEO’s standard procedure for buying and storing tokens from that particular exchange.

In many ways, it standardizes the process of token offering as the exchange sets the terms of purchase.How it is different from ICOsCoins were often sold through an ICO with promises that users can avail and trade them later on exchanges.

What’s more, users like undergo know-your-customer (KYC) and anti-money laundering (AML) checks, depending on the exchange’s sign up requirements.

CIOs and CTOs from different industries believe that blockchain certainly has the potential to enhance and optimize business processes and operations.

Using blockchain, they are looking to create faster and cheaper global trading gateways with no dependence on intermediaries.Remodelling Traditional Banking with Stellar and Ripple BlockchainAt the core of this new banking revolution, there are two prominent blockchain platforms, Ripple and Stellar.These two blockchain platforms are bridging the gap between DLTs (distributed ledger technologies) and the existing financial architecture.Promoted as the “future of finance and banking,” Ripple and Stellar are creating blockchain based financial systems to address the problems the industry faces today.Ripple’s Roadmap: Revolutionizing the traditional banking system with decentralizationWhen Ripple was launched in 2013, its goal was to develop scalable, low-cost, and fast financial transactions processing solutions for banks globally.

Surprisingly, after only one year of its launch, the blockchain startup bagged Fidor Bank as its first client.

The Munich-based bank employed Ripple’s payment processing system for its regional and international customers.

It has asked to revamp domestic and international payments through xCurrent, a Ripple blockchain-based cost-effective, and transparent remittance settlement solution.In November 2018, Ripple came into partnership with one of the prominent banks in Brazil called Bradesco.

The partnership also brings on the table the Brazil-Japan cross-border payment corridor, with industry giants like Mitsubishi and MUFG entering the pact.In October this year, 60 Japanese banks controlling over 80% of banking assets in the country agreed upon using Ripple’s Money Tap mobile app.Ripple is being tagged as the blockchain technology that is gradually taking over SWIFT and VISA.

Inefficiencies like high administrative costs, payment disputes, and tracking and traceability continue to paralyze logistics and transportation processes in any industry.

One of them is blockchain technology that is capable of transforming businesses and services models of logistics and transportation with its applications.

Simplified Logistics Operations with BlockchainAfter gaining traction in different industries like finance and healthcare, blockchain is finding significant implications in the logistics industry.

Operational EfficiencyBlockchain makes storage and sharing of transactions, contracts, and other documentation information secure and efficient with features like cryptography mechanisms, decentralization, and consensus methods.

Having a distributed and shared but immutable record database can save time and cost drained for manual documentation in processes with security.Use CasesCustom processes require manual reconciliation and paper documentation.

With this increased visibility and accuracy, stakeholders in the chain can identify lags, tampering, delays, and fraud.

The blockchain technology is rapidly gaining significant traction in the insurance industry.

Nobody can erase the information once stored on the blockchain.

How does it affect the Insurance Sector?Indeed, blockchain can evolve the role of financial institutions by establishing decentralization.

It can enable businesses to save costs on value transfer between two or more parties.

Prevailing Pain Points in the IndustryBlockchain-powered insurance operations and business models can resolve multiple complexities prevalent across the insurance industry.

Insecure, costly, and inefficient information sharing and exchangeFraud-prone operations and processes due to multiple points of failureOpaque and complex assessments of liability for syndicate and reinsuranceSeveral intermediary authenticators and intermediary involvementUnstructured and fragmented sources of dataManual, paper-based claims processing The Impact of Blockchain on Industry ProcessesAt Oodles, our team of blockchain experts suggests that the following processes are the most dominant area to apply the technology.

Blockchain technology is enabling diverse industries like healthcare, manufacturing, and education to optimize processes, increase transparency, and strengthen the security of the business network.

Now, it is all set to simplify and enhance various processes of the aviation sector with solutions and applications like smart contracts.

Apart from securing information exchange, blockchain can address several other challenges existing within the aviation industry’s operations.

Airline agencies knowingly overbook flights, assuming that some passengers may not show up.

It results in decreased customer loyalty and experience.Here, blockchain technology and smart contracts can efficiently alleviate this risk.

While regulatory authorities like the Federal Aviation Administration require some portion of data, most of it fails to find systematic storage.

A Brief Insight into the PNB Bank ScamThe scam was based on the issuance of fake letters of undertaking worth ₹11,356.84 crores (US$ 1.4 billion) for the benefit of Nirav Modi, an Indian diamond retailer.

Allegedly, Shetty had issued numerous fake letters of understanding (LoU) or letter of credits (LoC) without collateral for Nirav Modi for seven years.

How a Private Blockchain-based Reconciliation Solution Could Have Been Effective According to blockchain experts, a private blockchain network facilitates permissioned auditors, regulators, and payment processors to access real-time transactions.

Such a solution can immediately detect any malicious transactions from occurring.

With trained machine learning algorithms, blockchain can also provide a solution to detect fraudulent patterns.

How Blockchain Smart Contracts Could Have Prevented the FraudIn this public sector bank fraud, a blockchain smart contract could have prevented the fake issuance of LoUs.

Almost every organization, from healthcare to financial services, can gain several benefits from the digital ledger technology (or Blockchain).

Essentially, it empowers information exchange online with security, transparency, and immutability that results in creating operational efficiency.

Strengthened SecurityNo matter which industry it is, a procurement department deals with hordes of sensitive data that can cost a company millions upon falling into the wrong hands.

With secure cryptography or private blockchain solutions, critical information, contracts, and other documents or transactions of the procurement process eliminate any duplication or chances of fraud.Improved TransparencyEither private or public, intrinsic end-to-end visibility of blockchain promotes fair and compliant practices.

It prevents money laundering, fraud, and other illicit activities and detects way before they cause any damage to the business.Enhanced ProductivityOne of the primary reasons for blockchain adoption across diverse industries is it hugely reduces costs when applied appropriately.

With no intermediaries’ dependence in operations and automation of repetitive actions with security, it does reduce costs.

From insurance, manufacturing, and real-estate to international remittances, legacy businesses often suffer from high- cost transactions.

Either middlemen or archaic practices are the reason behind high-costs of any value exchange.However, a blockchain-based smart contract solution can potentially enable these businesses to remove intermediaries from the transactions and automate conventional, manual processes.Additionally, blockchain technology platforms like these can facilitate it to meet requisite regulatory and compliance regulations.

Together, it can provide business with solutions to achieve significant growth and productivity,  improve customer experience, and reduce operational complexity.Smart Contract, and its ApplicationsA smart contract is a contract, or a set of business conditions, coded into computer algorithms.

A smart contract, essentially, fulfills the need for a solution to execute fast and efficient business transactions.With smart contract integration into existing processes involving intermediaries and repetitive tasks, businesses can optimize their services and create new revenue models.

In the manufacturing sector, it can replace several complex processes like bills of lading, quality control, or the proof of origin.Key industry players believe that smart contract applications can enable real value savings for businesses.Benefits of Smart ContractsA smart contract enables differents business processes to run automatically.

As a result, smart contract-enabled processes become:Automatic execution of tasks defined in a contractQuick transactions happening within secondsDirect interactions involving no intermediariesCheap contract execution with almost no chargeTransparent  sharing and access to information enabled with blockchainSmart Contract Applications in Businesses The numbers of smart contract applications and use cases are increasing every day.

Apart from this, scams are rampant in the internet ecosystem, especially, when a vertical involves loads of money.

It necessary for investors to be cautious while planning a big buy.

An effective way to start researching a DApp ICO is to find relevant publications about it.

White-Papers, research documents and technical information about the DApp are the most important.Since blockchain technology is open source, ICO Developers make their codes available online on platforms like GitHub.

After finding white-papers and codes, users need to verify if they are correct and not plagiarized.

A real ICO token development is backed by a unique code, which is logical and of course strong enough to support the objectives and functioning of the DApp.

It has blockchain properties like decentralization, immutability and owner-controlled assets, and database characteristics like fast transactions, low-latency, and queryable data.

Nonetheless, there were some issues in the original BigchainDB design, like the inability to withstand arbitrary faults, and an underlying database with a primary node.

Complete Decentralization and Byzantine Fault TolerantTechnically, BigchainDB makes use of Tendermint for networking and consensus.

Theoretically, we need to locate nodes in different countries, legal jurisdiction, and hosting providers.

So, when any node fails, the rest of the system will continue to work.

Indeed, even though up to one-third come under attack in arbitrary ways, the non-faulty will continue to work by agreeing upon how to proceed.ImmutabilityAnother prominent feature of BigchainDB 2.0 is that once you store data on its database, nobody can change or erase it.

Essentially, EHRs aggregate patient data from different sources and enable physicians to make more informed decisions and provide the best possible care to patients.

We are talking about the blockchain technology, a type of distributed ledger technology.

At Oodles, our blockchain experts believe that blockchain is going to be the next go-to-technology in EHRs in the coming years.

Here’s why they think so.Blockchain Technology and EHRsBlockchain applications and solutions have already become the desired addition to several clinical and pharmaceutical operations.

Health organizations are using them to establish end-to-end drug supply chain tracking, validate clinical trial results, and prevent health insurance fraud.

Protection of EHRs, Including Personal Health InformationEnsuring data security is an almost inescapable challenge for healthcare providers with multiple ransomware threats, breaches, and APTs arising every year.

It provides an immutable, distributed ledger that facilitates fast, efficient, secure, and transparent data sharing.

It mainly includes companies that manage money, such as credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, and investment funds.

Currently, the infrastructure of the industry is slow, expensive, and heavily dependent on several intermediaries.

Let’s take a look at how blockchain in the financial services industry create disruption.Benefits of Blockchain Applications in the Financial Services IndustryIncreased EfficiencyThe financial services industry is moving towards a more globalized economy.

It makes the network distributed among different nodes with no single point of failure.Potential to Increase Digital Assets’ ValueBanking customers rarely get more than five or six percent of interest rates for savings accounts.

With financial services created using blockchain, these issues remain at a complete minimum.

White label solution, an open-source software code/script, and ready-made cryptocurrency exchange software with customizable components are the most common methods for developing an efficient crypto exchange platform.

Its components like trading core, backend, and the database are copied from one project to another for efficient deployment.Rapid deployment As mentioned above, a white label solution’s trading core already exists, which means there is no need to build anything from scratch.

The more often a solution is used and tested by other businesses, the more stability it provides.

However, with a white label crypto exchange software, you get a fully-built exchange at a significantly lower cost than full-scale development.

Availing a prepackaged solution suits those who want to quickly establish their cryptocurrency trading business with minimum development risks.

Open-Source Crypto Exchange ScriptDeveloping your exchange platform with an open-source script provides the following features: P2P ExchangePeer to peer transaction models eliminates intermediaries from various business operations.