It is the digital era which demands the business organizations to adopt digital transformation, in order to survive in the competitive world. The 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 required fast, secure and transparent method 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 of the entrepreneurs due to it decentralized, transparent and immutable feature.
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 the industries, apart from storing financial transactions. Today, banking, healthcare, real-estate, gaming, supply chain & logistics and much more industries have tasted the essence of blockchain. Let us now explore how blockchain has transformed the supply chain and logistics industry.
Trends in Supply Chain & Logistics Industry
At present, supply chain industry has become one of the most important sector 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, involves different locations, several third party entities and much more. Since the invention of computers and internet, there has been a dynamic change and businesses have become entirely globalized. As a result, the supply chain process has become more complicated and difficult as the customers couldn’t get the actual value of the product they get. This is because, the system involves a lot of intermediaries and lacks in transparency.
Well, Why does Supply chain Industry need Blockchain ?
Though the Supply chain process is just transformation of goods and products from one place to another, in reality the Supply chain process is much complicated. The world is extremely bigger market with a 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 its destination. Here, despite transportation, the storage and supply of goods also plays a major role in 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 result, time delays in payment as well as services in supply chain enhances demand and results in a long process.
To mention that, the blockchain development, such an evolving technology can face and sort out the challenges of supply chain.
Inherit 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 the supply chain management system, the product deviates that let the operations to 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 which will boost the transparency of the progress that let the users to 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, Bitlab 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 and could be customized accordant to our clients needs. For the sake of its multi-faceted nature, this technology also disrupt 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 logistics industry.
Are you looking forward to integrating this evolving technology into your business operations? Feel free to engage with our blockchain experts.