Blockchain is ready to revolutionize the multi-billion industry of supply chain. The blockchain potentially facilitates transparency, traceability, and administratively cost-effective for the industry of supply chain which is over 10 Billion Dollars market globally.
The new era of blockchain will digitally regulate the business which means the company can record price, date, location, quality, and certification to improve the supply chain. The ledger information in the blockchain will secure the sensitive material data as well as counter the supply of counterfeit and grey-market items in the system that will increase the company’s profits. Furthermore, the practice of the blockchain in the supply chain industry enhances the visibility of the product and provides compliance over BPO, and potentially prepares an organization for the leader in the responsible manufacturer.
CEO of TireNavi.jp and nftstudio24.com Mr. Asif Hameed as an expert refers to the future of the supply chain with blockchain in a word that before the popularity of crypto nobody understands the power of blockchain but from the day of success of the crypto concept of blockchain, we can witness the more and more interest of people as well as the world organization.
The gaining point of the supply chain industry on blockchain came upon the solution of tracking complex variables related to sustainability and ethical sourcing, blockchain is set to help procurement organizations in all industries as well as lower their costs and improve performance and most importantly the traceability and security of the transactions make the supply chain possible on the blockchain. He further describes while driving greater value for their companies. The Blockchain is already transforming supply chain management. The core technology of the blockchain is the decentralized ledger, which records and protects transaction data shared among multiple parties.
On the question of the supply chain on the blockchain is just a concept or a reality, Mr. Hameed commented the giants of the supply chain industry like FedEx, DeBeer, Walmart, and many others have already integrated their supply chain mechanism with the blockchain and others are in a queue to follow them.