Blockchain Application in Supply Chain Management

Every industry desires reliable and fool-proof technology to facilitate business processes and operations. This is especially important in domains like supply chain, where multiple participants are involved, leading to various challenges such as lack of transparency, limited traceability, and high administrative costs.

How can we overcome these challenges? Which technology or platform is the most efficient way to address these issues in the business process? The answer is ‘Blockchain’.

Blockchain is a distributed ledger technology that can be utilized to create an unalterable and transparent record of transactions. This makes it an ideal solution for supply chain management, as it can help address several challenges.

The purpose of this whitepaper is to explore the advantages of using blockchain technology in supply chain management. It provides reference architecture and software solution to tackle the challenges faced in this domain. Additionally, it examines real-world patterns that can be applied to enhance the supply chain.

Benefits of Blockchain:

• Improve transparency in the supply chain by allowing all participants to access the same information, reducing fraud and errors.
• Enhance traceability in the supply chain by tracking the movement of goods and materials throughout the entire process.
• Free up time and resources for other tasks, such as improving customer service.
• Improve decision-making, leading to more efficient inventory management, pricing, and marketing.