Blockchain in Supply Chain Management
Blockchain technology is transforming supply chain management by providing transparency and traceability. Traditionally, supply chains are complicated, involving numerous parties and steps. Blockchain simplifies this process by creating a single, immutable ledger where each transaction can be tracked in real-time. This ensures that every product can be traced from its origin to its final destination, helping companies detect and resolve inefficiencies or fraud. For instance, food supply chains benefit by being able to quickly trace contaminated products, ensuring safety. Blockchain also reduces paperwork, enhances data accuracy, and fosters trust among partners, improving overall efficiency.
0