Supply chain management is a vast area that is complicated and has several challenges. Companies in various industries have worked hard to provide just-in-time secure delivery and supply chain transparency. Hence the need for companies to follow best practices in the global supply chain has gained importance.
Blockchain is a promising technology and has the potential to transform supply chain management by storing and managing supply chain data and enabling decentralized independent transactions. It helps companies to ensure customer confidence and data security.
Blockchain in supply chain management
Blockchain-based supply chain management can be useful as a blockchain that is a distributed ledger provides a permanent record of data that also includes location, package, product and food storage conditions.
• Blockchain can offer services through the use of the Internet of Things (IoT). Companies are creating innovative solutions that are adopting this technology to minimize costs and improve facilities.
• The implementation of blockchain technology is challenging for industries as it is a bit complex, but since innovation addresses many problems in the IoT network, it is worth all the effort.
• The blockchain offers companies a powerful tool for the creation and implementation of IoT solutions, as well as greater versatility, security and efficiency.
The merger of blockchain and IoT helps the delivery speed and economic savings of industries in a variety of applications.
Blockchain and IoT for supply chain management
IoT and Blockchain can transform supply chain management. The transport process works with multiple sensors that track things like location, delivery phases, food storage conditions and blockchain also solves the problem of intermediaries.
Blockchain offers a record of immutable digital data, in which all the details related to IoT devices are recorded and saved in the history that help the authority concerned to find any information, for example, any product date, its registration and when it has been sold. Furthermore, blockchain is built on cryptographic algorithms designed to prevent data distortion. These blocks are connected to the previous block, making it difficult to replace an intermediate block in the chain.
The IoT can also exploit smart contracts that are an online agreement between the parties, where the terms and conditions are written on the lines of code. Therefore, companies receive independent operation of intelligent devices without any centralized authority. Furthermore, the removal of paper documents in various situations, including cross-border shipping, transaction logs, data flows, blockchain and IoT also helped reduce labor costs and ensure data protection .
Conclusion
Customers expect good transport and fast delivery, forcing companies to improve traceability of the supply chain. Blockchain also offers cloud services that enable companies to reduce the complexity required to integrate and manage IoT solutions. Blockchain and IoT are promising technologies and are renewing supply chain management by improving safety, speed and efficiency in a wide range of applications and minimizing fraudulent activity.
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