How Blockchain Technology can Enhance Supply Chain Companies in India. Aaj Enterprises March 20, 2021

Business E-Commerce Supply Chain Management Technology

How Blockchain Technology can Enhance Supply Chain Companies in India.

Storage. Warehouse. Product Dispatching.

These are the new currencies of an emerging tomorrow. E-commerce is here to stay and knowing that, technology for this sector is evolving with gusto. From Warehouse Automation to the upcoming Blockchain technology, things are looking good for the futures of Supply Chain companies in India.

What worked decades ago may not be as efficient today, or even in the near future. This is especially true if you’re having an issue with poor inventory management.

Enter the Blockchain.

Traditional stock transfer Last month, the world’s biggest express company, Deutsche Post, announced that it will use blockchain to track deliveries across its global network.

Deutsche Post’s plan is to introduce its own “worldwide logistics chain”, connecting 20,000 companies around the globe using a digital platform.

What is Blockchain and how can it revamp Supply Chain Companies in India?

Essentially, blockchain is a collector.

It collects information in blocks which are then clustered together to make sense of the data. Each block has certain capacities and when those capacities are filled, are chained onto the previously filled block. And after all the cogs have turned, blockchain delivers the data based on a specific objective.

See how de-centralized data can help an unorganized sector in India yet?

It’s early days yet for this initiative, but the fact that Deutsche Post wants to introduce a blockchain-based system shows the potential it has to significantly change how we do logistics. There are several ways in which blockchain can be used in logistics and supply chain management.

Blockchain Modulating Existing Supply Chain architecture?

Blockchain is decentralized and can help simplify complex, lengthy and often messy supply chains. But it doesn’t stop there. Blockchain can be used to track and exchange value across a supply chain, to hold a digital file containing each purchase order, manage the order, and to integrate customers into the entire supply chain. But that’s just the tip of the iceberg.

Blockchain-based solutions can also help manage or even eliminate physical checks, allowing products to be delivered to customers much faster, efficiently, and in a more accurate fashion. Solutions using blockchain technology From a logistics standpoint, Blockchain already has numerous applications.

But how can you benefit from this technology?

Well, blockchain has the potential to transform a lot of processes and industries, including supply chain management. To name a few, blockchain can help you manage inventory, build efficiencies in deliveries, automate order processing, lower the risks of identity theft, and so much more.

So, what can you do with blockchain? It’s all about finding the right use cases that are practical for your business. For example, no-logging solutions are going to be helpful to you in most cases.

No-logging solutions can prevent your customer’s from purchasing products, and they can even prevent you from getting a large refund. They can help you track goods from the time they are manufactured to when they’re being delivered. And because they store data on a distributed network of computers, they can eliminate a lot of human error.

On the other hand, blockchain solutions can also help you better manage your supply chain, identify lost goods, monitor your inventory, and even track the lifespan of goods to make sure they’re delivered as promised.

Supply Chain Management is the term used to describe the way a company brings together people, processes, and technology in a way that creates a connection between the end-to-end lifecycle of products.

Challenges facing Blockchain immersion in Logistics

Supply chain management has some unique challenges, because it requires companies to manage products that can vary drastically, and involve a lot of parties.

For instance, an automobile’s lifespan is significantly different than a mobile phone’s. There are also challenges related to the unique challenges of supply chain management. Supply chain systems must manage the volume of transactions required to be successful, as well as maintain the security and reliability of information related to your supply chain.

Blockchain can help eliminate a lot of these challenges.

Businesses, small and large can scale up quite efficiently through the use of Blockchain.

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