It is not easy to manage a supply chain and it is more difficult in the matter of running a small business. When we compare with larger and international companies the supply chain is seems to be more like a web which is riddled with inefficiency and full of interconnectivity. Such a big task is to manage supply chain which is supported by the artificial intelligence, machine learning and other technologies. There comes the new technology which underlies Bitcoin and other cryptocurrencies that is “Blockchain” which have much potential when it comes to supply chain. It’s been described as “a record-keeping mechanism that makes it easier and safer for businesses to work together over the internet.”
The fact is that Blockchain is created for the transaction purposes, but it has a high potential which can be used for several cases. When it comes management of the supply chain, blockchain is able to make it more easier to deal with big businesses to track what, whys and the whens for every single order.
Blockchain Will Improve Supply Chain
As it is an unhackable one, it will record each of the step of the way. It is able to store all the details regarding the products move and how much it was sold. It keeps all the information like the amount of the product, when it shipped, sold etc.. The blockchain technology will help you to keep whole the history related to the product which cannot be stolen by the third person. Companies could more easily share information with manufacturers, couriers and other suppliers and vendors. And this will increase transparency which will reduce the delays and prevent the struck of the product in the middle way.