Blockchain to build a transparent supply chain; enhancing the product supply process

New technologies like the blockchain have the potential to drive transparency in the supply chains. The best thing about this kind of technology is that it presents the supply chain operators with promising opportunities. According to ITSpectrum, a leading blockchain service provider, implementing blockchain in the supply chains will enhance the process by making it more transparent and reduce administrative costs at the same time.

It is very true to the fact that this technology has the potential and has been a game-changer in the financial sector as well. As depicted by the best blockchain company in Kolkata, this new breed of technology can even help in supply chain management as well. It can improve the supply chain services by enabling faster and more affordable product delivery process. Implementing this technology in the supply chain will enhance traceability and even improve coordination between different parties.

How the blockchain technology works –

As suggested by the blockchain service providers like ITSpectrum, it is one of the leading blockchain technologies that simply work on a distributed network and has millions of users enrolled in the network from all across the globe. This technology allows every user of the network to easily add information to the network and the data being added in the blocks are highly secured which is only made possible using cryptography.

However, the most interesting thing about this technology is that every member of the network is validated in a proper manner in real-time before being added to the network. The entire process of securing data in the blockchain network is completed by using a system of keys such as private, public, and receiver ones. Implementing this technology in the supply chain can help in –

• Monitoring advancements

A supply chain that works on blockchain technology can help you in monitoring product prices, location of delivery, quality control, and several other relevant things that could be effectively managed in the supply chain. With the advance monitoring system traceability of materials in the supply chain will be increased and the losses will decrease drastically. Implementing blockchain technology in the supply chain will certainly help in improving visibility and compliance over outsourced and contract to manufacture as well.

• Open new avenues

According to the best blockchain company in Kolkata, with the increased popularity of blockchain technology, many large companies have started exploring new avenues of the technology that lies outside the circumference of the financial sector. For being more transparent some of the large supply chain service providers have already started experimenting with the new and innovative blockchain services in order to fulfill their requirements. The reason for being highly popular with the supply chains is due to the fact that blockchain provides secure usage and sharing rights of digital media.

• Drive in more value

The supply chain holds value of its own and integrating the supply chain with the blockchain will certainly help in driving value by reducing costs and risks associated with the supply chains. ITSpectrum suggests that this technology could even help in increasing traceability in terms of material supply in order to ensure that standards are met accordingly. It will even help in lowering losses from grey market trading, reduce the paperwork, improve visibility, and also reduce the administrative costs as well.

Apart from the above benefits, blockchain technology can help in strengthening the supply chain operations by marking the inventories with RFID tags or otherwise known as product codes helping in adhering to the GS1 standards that are accepted globally. ITSpectrum suggests integrating blockchain technology in the supply chains in order to construct a complete transaction record.

Adding blockchain in the supply chain network will even help in tracking the transactions as the participants of the network in the blockchain blocks will have unique digital signatures that can be used to record, sign, and add it to the blockchain network. The best blockchain company in Kolkata does provide services to implement blockchain in the supply chains to help the suppliers log in the orders and confirm it to the retailer that the order is received.