123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Education >> View Article

How Is Blockchain Technology Making The Supply Chain Smarter?

Profile Picture
By Author: Block chain council
Total Articles: 167
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

A seamless supply chain is a must to have a strong and successful business. Irrespective of the type of industry, the supply chain is the underpinning of the same. With time, the complexity of this system has increased. To make the supply chain work seamlessly, many companies are now eyeing at Blockchain and IoT when these two technologies will amalgamate and sync with the current supply chain management system of the organization.

Some stats worth a watch

As we have mentioned above, supply chains have become complex and distribute, there are many involved in the supply chain. Companies are trying to adopt technologies which can not only manage their assets but also keep a tab on them. Since 2018, the Blockchain and IoT market has grown from USD 30 million to USD 113 million and is expected to grow to USD 3 billion by 2024.

How is the Blockchain impacting supply chain?

Some of the key features of Blockchain that can work for the supply chain are:
Immutability
Provenance
Data security
Transparency

• Product source- One of the key concerns for any end-user is to know ...
... about the source of the product. With the help of Blockchain technology, it will become easier to know the source of the product. Blockchain is an accurate record of information where all interaction between IoT devices is saved as history. One can easily access all the information pertaining to predict like when was the medicine manufactured, or the date of packaging etc.

• Smart contracts-Cargo and shipping industry also makes use of Blockchain and IoT. Smart contracts are pre-programmed contracts which are executed wince the conditions are met. The terms and contracts between the parties are written in computer codes, and when the conditions are met, the program executed the financial transaction. It will make the entire process faster.
• Immutability- Security of information is the prime concern for most of the origination. In the supply chain, an industry which currently use the digital medium to save the information is vulnerable to attack. There is a greater probability of information being hacked. But, with Blockchain, we can expect the system to be safe and data more secured. The immutability feature of Blockchain would prevent falsification of supply chain payment transaction, tampering of data etc.

Challenges that Blockchain needs to meet-

Although Blockchain’s legacy has grown with time, there are a certain set of challenges that it is facing. Despite its popularity, Blockchain has not become a mainstream technology. Many companies are still sceptical about the longevity of this technology. Besides, there is no system which can guarantee 100% security, so how will Blcockhain overcome very minimal probability of data insecurity.

The Future-

The research on improvising this technology is increasing, and so is the need for Blockchain expert who can bring this change. By enrolling for Blcockhain certification program, one can get a complete insight into this technology and understand its implementation. To know more, you can enrol with Blockchain Council and become a certified Blockchain expert.

More About the Author

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/

Total Views: 525Word Count: 493See All articles From Author

Add Comment

Education Articles

1. Guaranteed Grades: Pay Someone To Take My Exam
Author: Doug Macejkovic

2. Blocks Before Books
Author: Michale

3. Azure Devops Training Online | Azure Devops Online Training
Author: visualpath

4. Learn Python Programming - from Basics To advanced
Author: vishal more

5. Data Engineering Course In Hyderabad | Aws Data Analytics Training
Author: naveen

6. Oci Online Training | Oracle Cloud Infrastructure In Hyderabad
Author: visualpath

7. Best Salesforce Data Cloud Certification Training
Author: visualpath

8. The Benefits Of Online Dry Needling Certification
Author: Daulat

9. Top Google Cloud Data Engineer Training In Bangalore
Author: Visualpath

10. Aima’s Management Diploma: The Smart Choice For Future Leaders
Author: Aima Courses

11. How Regular Mock Test For Bank Help You Crack Bank Exams
Author: Ayush Sharma

12. Debunking The Myth: Is Preschool Just Playtime?⁠
Author: Kookaburra

13. Cps Global School: A World-class Learning Destination In Chennai
Author: CPS Global School

14. Chennai Public School: Shaping Future Leaders Through Excellence In Education
Author: Chennai Public School

15. "transform Your Data Analysis With Lcc Computer Education's Excel Training"
Author: Khushi Gill

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: