Supply chain management is not easy, and it’s even more difficult when you are running a small business. When you consider larger international and national companies, the supply chain begins to look more like a web and less like a chain, riddled with inefficiency and full of interconnectivity.
Managing a supply chain is such a big business now. Machine learning, artificial intelligence, and other technologies are now being applied to the supply chain optimization challenges, but there’s a new technology that is ready to be the game changer. This new technology is blockchain – the underlying tech of bitcoin and other digital currencies. This tech has so much potential when it comes to the management of supply chain.
Blockchain was initially created for financial transactions, but it is a highly versatile tech with several potential use cases. When it comes to the management of supply chain, for instance, blockchain technology could make it a lot easier for businesses to keep track of the whens, whys, and whats for every order on the supply chain.
Because blockchain is an unhackable ledger, it makes it easier to the effort of your compliance by recording every step of the way.
How Blockchain Would Improve Supply Chain
Because blockchain is an effectively incorruptible ledger, it could effectively store records for every single product. It would update its record whenever a product changes hands, storing information such as who bought the product and how much it was sold.
It provides you with a permanent history of every product right from when it was packed, shipped, displayed, and sold.
Blockchain technology can help enhance the management of supply chain in a whole lot of ways, from keeping records of transferred assets to tracking receipts, purchase orders as well as other paper related works. It can also store identifying information such as when a package needs to be handled with care.