Blockchain is an open digital record-keeping technology behind Bitcoin and another cryptocurrency and is decentralized.  

Using blockchain in the supply chain market has the potential scope to increase the transparency and traceability of goods in supply chain management. Blockchain technology can reduce costs and risks for companies in supply chain operations. 

Blockchain technology will also reduce paperwork, administrative cost and lower losses from counterfeit/gray market trading.

How will blockchain work in the supply chain market?

For the supply chain, it will be like allowing a limited number of operators to edit it, which will be known to the system. The identified operator will edit it, will reduce the risk of malicious activity, and will increase the company’s productivity.

Many companies are using this technology on a trial basis, they haven’t launched it in full-fledged operations.

Why will blockchain be used in the supply chain market?

Transparency and traceability

In supply chain management, the main feature of the software is to trace the product and ensure that it is on the right track and being delivered or received on time, and doing this thing with transparency is the cherry on the cake.

Security

keeping the data of consumers secure, is of utmost priority for any company, and with blockchain technology, we can limit the access of data to limited users and protect it from external parties to temper it or manipulate it.

Decentralized ledger

another important feature of blockchain is a decentralized ledger. No one has control of the ledger, it gets updated by itself and prevents redundancy and duplication of data. It doesn’t require any intermediary person to record transactions, first in the sender’s account and then in the receiver’s account, it keeps working all time whoever has access to the network.