We would like to start by telling you about the blockchain and some even refer to it as distributed ledger technology. This is responsible for making the history of any digital asset unalterable and transparent. It is achieved with the help of decentralization and cryptographic hashing.
This current year has been disruptive:
We would precisely at this stage look to deviate a bit and speak of COVID 19 causing havoc to the modern economy. The virus scare has been a disruption to supply chains and businesses have been forced to take a hit. It is here we would like to say that blockchain technology applications can be utilized to rebuild disrupted networks. This technology can be utilized to build up trading partners for business houses. A consumer can also expect transparent, trusted secured data on goods, transactions.
It benefits both the producer and consumer:
It has been seen that the use of blockchain technology in COVID benefits both the producer and consumer. It has the capacity to develop equitable systems of commerce for both producers and consumers. The process of digitization has certainly driven down costs, but there are plenty of business houses, which still operate on silos and it leads to accounting discrepancies. There is always a need to align it and blockchain technology helps a lot in this regard. This technology makes sure that the supply chain is transparent and integrated across domains.
Where does the implementation start?
The experts point out that the best place to implement blockchain technology is right at the juncture where the transaction, event, or milestone is being created. If you intend to follow this rule, it means that for certain companies, it becomes important to apply this supply chain data for purchase orders or even stock-keeping units. The technology offers a unique feature for companies as it allows them to track and trace shipments. Where is the shipment precisely and how long it will take to arrive? This is a technology, which offers answers to some of these important questions.
This technology offers an insight into the details:
It is with the help of blockchain that one can get plenty of details related to the shipment of the goods. One can check out whether there were any delays in the route and it could be due to excessive temperature or even customs related issues. The technology also helps to locate the individual responsible for the delay. It is the ability to track and verify data, which makes Blockchain immensely popular.
The blockchain technology is being used in every space these days:
The blockchain and supply chain are two of the most recent innovations, which are helping business houses to quickly get back to normalcy post the global virus threat. The blockchain technology helps to keep a track of goods movement, while the supply chain looks into the financial aspects of the deal.
This is a brief guide on how blockchain technology has helped to keep the supply chains intact in spite of the COVID 19 related disruptions. As a business owner, one can make full use of this technology for the company’s shipping requirements.
