Blockchains are known to be the marvel behind the Bitcoin, but other industries also benefit from this revolutionary technology. Companies that are looking to improve efficiency have found a way to solve the supply chain issues using this technology. Companies are able to trace items from manufacturing up to the delivery of products at the consumers’ doorstep. In a word, blockchains hold the key to a more transparent supply chain.

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Applying the Blockchains to the
Supply Chain
Blockchains are known to be the marvel
behind the Bitcoin, but other industries also
benefit from this revolutionary technology.
Companies that are looking to improve
efficiency have found a way to solve the
supply chain issues using this technology.
Companies are able to trace items from
manufacturing up to the delivery of products
at the consumers’ doorstep. In a word,
blockchains hold the key to a more transparent
supply chain.
The supply chain is facing many obstacles
such as lost, stolen, diverted or counterfeited
products. Using a distributed ledger,
blockchains can be used outside financial
transactions. In the same way that they
improve money, they can also enhance the
supply chains globally. How? Once a product
is labeled at the marketing level, it can be
tracked through the entire supply chain.
Two Applications of Blockchain in Supply
Chains
There are two ways blockchains can be
applied in the supply chain. First, they can be
used to track products and inventory by
confirming receipts and releasing payments
automatically. In a word, it can help track
products across a decentralized network. They
can also help reduce transaction fees as well as
speed up payments.
Usually, transactions are processed in two to
three days. With blockchains, they can be
done within hours.
Second, blockchains can aid transparency in
the supply chains. They can be adapted to
track information about the product –
ultimately revealing the full chain to the
public. Using a website or application,
consumers are able to trace information all the
way back to the manufacturing level. This
could highlight work practices, Fairtrade
considerations and many more. In a word,
blockchains help us understand transactions
from end to end.
In conclusion, blockchains promote trust and
transparency in the supply chain. They help
identify and trace items from manufacturing to
delivery. Every time a product is moved, the
transaction will be recorded in the database
and into the blockchain. As a secure, joint
record of exchange, consumers can track what
is going on with the products and who handles
it along the way. In a word, blockchains create
entirely new opportunities for participation.