How Blockchain Can Transform the Supply Chain and Logistics Industry?
It is the digital era that demands that business organizations adopt digital transformation, to survive in the competitive world. Businesses around the globe, despite the size of the industry, focus on implementing the most advanced technology into their business, not only to stay ahead of their competitors in the niche market but also to create a brand name, loyalty, and trust among their customers or users. To achieve it, businesses require fast, secure, and transparent methods to maintain sensitive data with everyone connected to the business. As a matter of fact, blockchain has become the hottest technology that is being explored by most entrepreneurs due to its decentralized, transparent, and immutable features.
Blockchain is a decentralized distributed ledger which was initially used to record and share Bitcoin transactions in a peer-to-peer network. But later, techno-geeks have explored that the technology has the potential to revolutionize various sectors of industries, apart from storing financial transactions. Today, banking, healthcare, real estate, gaming, supply chain & logistics, and many more industries have tasted the essence of blockchain. Let us now explore how blockchain has transformed the supply chain and logistics industry.
Trends in the Supply Chain & Logistics Industry
At present, the supply chain industry has become one of the most important sectors in the busy market. Almost every businesses and services rely on supply chain in their business process. Basically, the supply chain process goes through a lot of stages and involves different locations, several third-party entities, and much more. Since the invention of computers and the internet, there has been a dynamic change and businesses have become entirely globalized. As a result, the supply chain process has become more complicated as the customers can’t get the actual value of the product they get. This is because the system involves a lot of intermediaries and lacks transparency.
Well, Why does the Supply chain Industry need Blockchain?
Though the Supply chain process is just a transformation of goods and products from one place to another, in reality, the Supply chain process is much more complicated. The world is an extremely big market with lots of producers and consumers, actively engaged with the sending and receiving the goods and services, which also goes through a lot of places and people before reaching their destination. Here, despite transportation, the storage and supply of goods also play a major role in the company’s growth.
If a manufactured product is not stored in a proper place and if the intermediary has wrongly supplied another product rather than the consumer’s desired product, it would obviously bring a bad reputation to the company though the mistake was not on the company’s side.
Also, the chance of involving fraudulent activities in the supply chain results in enhancement of the product price that ultimately diminishes the certain company’s market. As a result, time delays in payment as well as services in the supply chain enhance demand and result in a long process.
To mention that, blockchain development, such an evolving technology can face and sort out the challenges of the supply chain.
Inherit the Influence of Blockchain on the Logistics Industry
Being a decentralized distributed ledger, blockchain can aid logistics to maintain the track record of their transactions secure and transparent. After every sale completion of the supply chain management system, the product deviates lets the operations get easily documented creates a permanent product history, which will admit details about its manufacturing date and even point of sale which will drastically diminish the waiting time, as well as any surplus delays and costs.
For this challenge, Blockchain is the sole solution that will boost the transparency of the progress that lets the users track their shipments with ease. On the other hand, it has the ability to deviate the enchantment and the ownership of goods from the point of production to the point of retail. To point out, these details could be entered into the ledger permanently.
Our expertise in Blockchain technology
We, Osiz Technologies, a predominant blockchain development company have accomplished the value of Blockchain technology in today’s supply chain industry, and logistics. Being the pioneers of this technology, we have devised Enterprise Blockchain solutions that could be customized according to our client's needs. For the sake of its multi-faceted nature, this technology also disrupts other industries effectively such as banking, finance, and the healthcare industry. An absolute disruption of the supply chain industry will not occur overnight, but we believe over time blockchain will efficaciously deviate the way we comprehend how organizations function. As a result, the blockchain is foreseen to transform the supply chains, their supportive ecosystems, and industries and the logistics industry.
Are you looking forward to integrating this evolving technology into your business operations? Feel free to engage with our blockchain experts.
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Source: https://www.osiztechnologies.com/blog/blockchain-in-supply-chain-and-logistics-industry