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The COVID 19 pandemic has changed many things, including how we do business. Industries have embraced digital transformation not just to sustain but also to grow during times of adversaries. From revolutionalizing the movement of industrial goods to transforming the retail industry through last-mile delivery solutions, digital transformation has proved its worth in these trying times. However, Blockchain in supply chain management will be the game-changer in the current decade.
Since we know, blockchain works on the principle of connecting blocks of information with each other, one can imagine how successfully it can provide a robust operations ecosystem to the supply chain industry.
Supply chain management is primarily concerned with the transportation of work-in-progress inventory and raw materials from the point of origin to the manufacturing point, and, finally, to the consumer, to build a loyal client base for their brands at the lowest possible cost. This process must be adequate and adhere to the prefixed schedule for the product to reach the consumers at the appropriate time.
The theory of Blockchain, on the other hand, is a distributed digital ledger in cryptocurrencies that are used for tracking, agreement exchange, smart contracts, and payment. The transactions are recorded in blocks that form the blockchain.
Blockchain has the potential to be the intelligent supply chain’s backbone. Integrating blockchain into supply chain management can allow customers and businesses to track their product from the time it is picked up until it reaches the final user. The digital record saved in the blockchain can be safely shared with others, thereby mitigating the chances of fraud and reducing the tracking fees.
• Payments to Suppliers of Automobiles
If a company has a worldwide supply chain, blockchain can be a very straightforward solution. Tomcar, an Australian automotive manufacturer, uses bitcoin to pay its suppliers. Other three partners, Israel, Taiwan, and the United States, have also agreed to use this mode for their automobiles
• Food/Meat Tracking
Walmart uses blockchain to trace its products to the end consumer in the food market. Walmart monitors its pork meat imports from China, where blockchain records the piece of meat from the time it is ordered to the time it is sold to the consumer. Investigators can also use this tracking feature to locate and eliminate causes of food-borne illness.
• Cold Chain Monitoring
Food and pharmaceutical companies must store their goods in cold or special storage. In this case, blockchain aids in the recording of information related to humidity, temperature, vibration, and other factors, as well as the storage of those values on a tamper-proof and permanent blockchain.
If the storage condition differs from what was agreed upon, it will be visible to all blockchain members. In this case, a smart contract is used to take corrective actions.
• Renewable Energy Sector
Smart contracts are being utilized in the solar industry to redistribute excess power. A Transactive Grid application on the blockchain is used to monitor and redistribute energy. The Ethereum platform is utilized to run this program since it facilitates the creation of various smart contracts. This also saves money and reduces pollution by automating the acquisition and selling of green energy.
• Healthcare and Pharma Industry
Patients’ medical records can be accessed by them from anywhere in the world. By granting crucial access, such as patient fingerprints, the whole medical data can be viewed along with the medical history of the patients and the paramedic can assist in identifying the problem and prescribing treatment in case of any emergency also.
The advantages we gain from the blockchain can help us save money, time, and effort. In the event of a cyber-attack or hacking, the blockchain is impregnable. Businesses can reap a slew of potential benefits from the blockchain for supply chain solutions. Among them are the following:
Blockchain enables merchants, manufacturers, and service providers to obtain more accurate feedback from customers and foresee their needs, allowing them to better serve their customers and grow their businesses. Blockchain has the potential to contribute a lot of revenue and growth for the Supply chain Industry and post COVID 19 era.
If you are planning to get a blockchain-based solution for the supply chain, Antier Solutions can help. We offer customized solutions to integrate blockchain into supply chain management, helping businesses to reduce their cost and leverage benefits like better transparency, traceability, and more. Whether you are a new company requiring a blockchain-based solution for your supply chain or an established company planning to integrate blockchain into your existing business model, we can successfully cater to your needs.
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