Companies may miss out on crucial details due to vendor limitation or lack of platform-agnosticism. Emailing the crucial transportation and payment details simply do not add any value. That’s where blockchain makes way for sharing crucial details efficiently. This includes verifying quality check information and even the compliance certifications for the shipment products. It can be the first step towards implementing the blockchain in business as only two parties – supplier and buyers can access such details. Gradually, this will make way to include other involved entities across multiple supply chain verticals to leverage maximum benefits of using blockchain.
#2. Quick Logistics Access
For a supply chain to be transparent, it is crucial for a business to enable fast information-sharing without compromising the security. Leveraging blockchain for logistics information that’s available to partners is a better way to bring in the transparency. Consider how the case may be where the buyer might not have any information about the supplier’s carrier while the same has all the information about the condition and details of the shipment. This is where logistics links are connected.
Blockchain enables the supplier to share the logistics information with the third party or anyone who’s at the receiving end of the shipment. Making such information accessible to multiple participants of the supply chain will add more value as they will be well aware of the real-time product conditions and shipment details.
#3. Motivating Involved Parties
Making the most out of a supply chain will require linking every supply chain touchpoints to the blockchain network. Getting parties onboard will just need you to highlight and promote the proven success of a supply chain that highlights the proven success of blockchain in the supply chain industry. For example, Mercedes-Benz prototype blockchain highlights how big brands put their trust on blockchain.
Vendors and even buyers appreciate the enhanced connectivity with sub-suppliers and other parties involved. Valuing the controlled data-sharing via blockchain technology is a great opportunity for improving real-time communication, bringing in transparency and promoting collaboration across all the supply chain operations.
With supply-chain businesses emphasising more on expediency and transparency, there’s plenty much possible with blockchain implementation. But, its ideal to consider blockchain for transparency early on which in turn makes way for using it further for other purposes. The increases trust is key to supply chain and moving forward with the supply chain in that direction can help bring about transformative changes in the supply chain system.
Enhancing transparency with supply chain means;
- A higher level of supply chain material traceability for improving business standards.
- Reducing the losses incurred due to counterfeiting
- Better compliance and visibility for contracted manufacturing consignments
- Minimising administrative costs and paperwork
- Improving corporate reputation by capitalizing on the material and product transparency through blockchain.
- Reliable data sharing that enhances credibility and public trust.
- Harnessing public relations and engaging more stakeholder by keeping the risk of supply chain malpractices at bay.
This is how blockchain
can contribute to bringing in more transparency and precise data tracking which enables the smoother business. It is best to digitize the physical assets and creating a repertoire of decentralized immutable transactional records. Such a way of blending the blockchain for transparency is best to drive trust, visibility, and agility to businesses and buyers.
Author – Bio
Shahid Mansuri Co-founded Peerbits, one of the leading mobile application development company USA, in 2011.
His visionary leadership and flamboyant management style have yield fruitful results for the company. He believes in sharing his strong knowledge base with learned concentration on entrepreneurship and business.