Future of Blockchain in Supply Chain Management (with audio)

Supply chain management is handling a good or service’s entire manufacturing flow, starting from the raw components to providing the finished product to the customer.

Steps involved in supply chain management ;

  1. Item is procured. (e.g., mining, fishing, etc. )
  2. Item is transported.
  3. Item is transformed. (e.g., packaging in cans etc. )
  4. Item is transported.
  5. Item is sold. (e.g., at the market, etc. )

Issues with current management ;

  1. Tracking is paper-based.
  2. Payments require banks.
  3. Each participant has its centralized tracking.
  4. The consumer has no transparency on the source.

How will Blockchain revolutionize this?

  1. Firstly; It will act as a single source of truth for all participants.
  2. Secondly; Instant traceability of products.
  3. Thirdly; Security and Immutable in the system.
  4. At last, Consumers can make better decisions.

Challenges in the current scenario ;

  1. Blockchain is still in the early stage.
  2. Still involves humans, not completely online.
  3. Digitally tracking of physical objects.

Many multinational companies like Samsung, Walmart, FedEx, etc., are currently working in this space.

Hope you like it.

Hoping for a positive response.

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