BLOCKCHAIN USE CASES: SUPPLY CHAIN MANAGEMENT
The Blockchain is an innovatively disruptive technology as it has the power to disrupt many centralized systems and bring transparency through secure decentralization. Many people believe that blockchain is strictly related to cryptocurrency. But this is not true. Cryptocurrencies run as fungible tokens on the blockchain but if we consider the non-fungible tokens on the blockchain, we see countless use cases of this technology. The main aim is the digitalization of assets as NFT on the blockchain and this will make their ownership along with other prominent attributes very transparent and easily trackable. Here is how it can help with supply chain management.
Transparency is always an issue when a product moves along its supply chain. The more hands it changes, the more difficult it becomes to investigate any incidents or mishaps that may arise. Issues related to product authenticity can also exist in supply chain management which may lead to customers receiving counterfeit goods. Blockchain technology can easily remedy issues prevalent within supply chains. It does so by the effective digitization of assets. Tokenizing the assets allows the products to be tagged and assigned with unique identities. These can easily be transferred onto an immutable and transparent blockchain. Important product information such as time, state of the product, location can easily be tracked on the blockchain.
This contemporary method can yield multiple advantages. Through it, products can be accurately tracked as they move seamlessly along different locations or stages in their supply chain. This will increase transparency and further give all the stakeholders involved in the supply chain management the capacity to isolate and tackle any problems or potential issues that may arise. Furthermore, the end users or customers will also benefit from a blockchain enabled supply chain because they will be allowed to easily verify the authenticity of their purchased goods via blockchain.
This was just one of the many uses of the blockchain technology and you saw how it can benefit so many industries that base their daily operations on the supply chain. If you have any questions or something to add, the comment section below is just waiting for your opinions.