{"id":4185,"date":"2019-12-16T12:07:54","date_gmt":"2019-12-16T12:07:54","guid":{"rendered":"https:\/\/www.antiersolutions.com\/?p=4185"},"modified":"2019-12-16T12:07:54","modified_gmt":"2019-12-16T12:07:54","slug":"how-can-blockchain-transform-the-supply-chain-industry","status":"publish","type":"post","link":"https:\/\/www.antiersolutions.com\/blogs\/how-can-blockchain-transform-the-supply-chain-industry\/","title":{"rendered":"How can Blockchain Transform the Supply Chain Industry","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>The\ndistributed ledger technology of blockchain is creating an\nunimaginable frictionless future to combat redundant efforts of\ntraditional business networks. Encompassing characteristics such as\ndecentralization, automation, immutability and transparency,\nBlockchain is transforming various industries \u2013 supply chain being\none of the industries to embrace its potential benefits.\n<\/p>\n\n\n\n<p>The global supply chain affects the overall economy of any nation as it connects several networks into a common platform. The supply chains are badly tracked and are in the inefficient phase that usually hypes up transportation costs. At times, their conduct becomes exploitative and may even mishandle or mislabel the products which may even further complicate the things. So the answer is <strong><a href=\"https:\/\/www.antiersolutions.com\/\">blockchain solutions at enterprise scale<\/a><\/strong> to streamline the movements for all the stakeholders of the supply chain.  <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Benefits\nof blockchain in Supply Chain Management<\/strong><\/h4>\n\n\n\n<p>Blockchain\ntechnology allows easy and accurate tracking of assets with a simple\nuse of smart contracts that enhance the experience for the clients.\nIntegration of these two industries brings in the following benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\n\n\tTransparency of transactions\n\tas end-to-end encryption of source point and consumption is\n\tinitiated\n\t<\/li><li>\n\n\tAccurate and reliable\n\ttracking of assets\n\t<\/li><li>\n\n\tEnhances the licensing of\n\tservices, software or products\n\n<\/li><\/ul>\n\n\n\n<p>Earlier,\npaperwork in the container industry accounted for up to half of the\ncost of transportation. A study conducted by an international ocean\nadvocacy organization, Oceana, from 2010 to 2012 in the USA revealed\nthat up to 87% of times seafood is badly mislabeled. Due to bad\ntracking of assets in the supply chain, many organizations rely on\nchild laborers to extract elements or chemicals from illegal mines.\nAdditionally, a report by PwC in 2015 stated that approximately 2% of\nglobal economic outputs result from the counterfeiting revenues which\nare usually in the sectors of pharmaceuticals, electronics, consumer\ngoods and luxury brands.<\/p>\n\n\n\n<p>Thus enterprise blockchain solutions development<strong> <\/strong>enhances transparency and traceability of transactions. It will be easier to imply accountability and responsibility for the movement of goods and services.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\n<strong>Use-cases of blockchain in\nsupply chain management<\/strong><\/h4>\n\n\n\n<p>\nBlockchain in the supply chain\ncan transform the entire mechanism with these following use cases:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\n\n\tTraceability\n\t<\/li><li>\n\n\tTransparency\n\t<\/li><li>\n\n\tTradability\n<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">\n<strong>Role of blockchain\ntechnology in enhancing traceability of products<\/strong><\/h4>\n\n\n\n<p>\nTraceability involves\nefficiently charting and conceptualizing the flow of enterprise\nsupply chains. As the demands of consumers from overseas have started\nrising, it is becoming beneficial for organizations to install\nblockchain solutions to verify the tracking of assets to maintain\nverifiable and immutable data.<\/p>\n\n\n\n<p>\nBlockchain assists in reducing\ncounterfeit activities and further allows for a smooth flow of\nproducts. Raw materials or products are facing losses in terms of\nsales, replacement costs and lawsuits. Through blockchain, the\nmanufacturers will be able to allocate products efficiently and\neconomically to the millions of individuals worldwide. It facilitates\ntransparent and faster traceability of processes.\n<\/p>\n\n\n\n<p>\nAccording to a Global Brand\nCounterfeiting Report of 2018, online counterfeiting accounted for\n323 Billion USD in the year 2017. Blockchain makes the process\ntransparent by verifying the actual source of the item accurately and\nseparately. This minimizes the chances of frauds and further enables\na proper record keeping.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Role of blockchain technology in improving the transparency of supply chain<\/strong><\/h4>\n\n\n\n<p>\nTransparency is an important\nelement that keeps all the transactions in line. Blockchain\ntechnology allows transparency of transactions as once it has been\nregistered, it becomes immutable.\n<\/p>\n\n\n\n<p>\nAccording to the World\nEconomic Forum, the use of distributed ledger technology on behalf of\ntraditional processes could increase the trade volume by 15% and GDP\nby 5%. Smart contracts enable a smooth operation of asset tracking\nwith accurate maintenance of information. Anyone can easily\nscrutinize the processes in real-time. Blockchain technology helps in\nadhering to a complete set of compliance with the reporting\nstandards. As in this, the processes are not carried out manually so\nit improves efficiency, reduces friction and minimizes the chances of\nerror in the activities.\n<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Role of blockchain technology to bring in tradability of the supply chain<\/strong><\/h4>\n\n\n\n<p>\nBlockchain in tradability\nimproves the traditional concept of the marketplace. Tokenization of\nassets is possible only through a DLT platform wherein an asset is\ndivided into a number of shares to digitally represent the ownership\nstatus. It signifies the stake of shareholders and enables them to\neasily trade them without shifting the ownership status to another\nperson.<\/p>\n\n\n\n<p>\nBlockchain works on a\nconsensus algorithm wherein licenses and ownerships are maintained\nefficiently. Even past owners in the supply chain can be checked and\nverified through this mechanism. All entities work in a coordinated\nmanner as there is no possibility of disputes in the chain.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Key\nEndnotes<\/strong><\/h4>\n\n\n\n<p>Blockchain\ntechnology facilitates asset tracking and enables proper alignment of\nlicenses of products, services or software. The technology can be\napplied to any logistics department to make the processes error-free\nand economical for all the parties in the supply chain.\n<\/p>\n\n\n\n<p> If you are planning for <strong><a href=\"https:\/\/www.antiersolutions.com\/\">enterprise blockchain solutions<\/a> <\/strong>development to integrate blockchain in your supply chain mechanism, then we can help you in navigating your business in the right direction. We provide complete solutions \u2013 right from identifying blockchain use-cases to development and implementation of the blockchain solution.  <\/p>\n\n\n\n<p>\nWe are available for a free\nconsultation to discuss your business needs. No obligation, just a\nfriendly chat to see how we can help you accomplish your business\ngoals.\n<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>The distributed ledger technology of blockchain is creating an unimaginable frictionless future<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":4201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1613,1611,1612],"class_list":["post-4185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-blockchain-in-supply-chain","tag-blockchain-solutions-at-enterprise-scale","tag-use-cases-in-supply-chain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How can Blockchain Transform the Supply Chain Industry - 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