Supply chain is the sequence of processes involved in the production and distribution of a commodity. Blockchain makes the supply chain transparent, efficient and easy.
Due to market expansion, stricter quality, and regulatory standards, enterprises are getting overwhelmed with a massive amount of data coming from different suppliers and consumers from different geographical regions.
Traceability through stages of the supply chain is now more of demand rather than a request among many customers. Lack of traceability causes blind spots in the supply chain and exposure to unnecessary risk.
Infrequent large orders vs. frequent small orders. Large orders will increase the amount of inventory on hand, which is costly, but may benefit from volume discounts.
The threat of a supply chain attack poses a significant risk to modern-day organizations, and attacks are not solely limited to the information technology sector.
Smart contracts reduce complexity in a supply chain through automated verification and execution of the multiple business transactions involved.
Blockchain will provide the supply chain network scalability. Relying on central server to store data means that the data sharing capacity is limited, however when the data is stored on Blockchain, data availability and access and allocation becomes easier.
Blockchain offers faster transactions as compared to the traditional system, making settlements easy and fast due to smart contracts hence making monetary transactions between retailer and customer becomes faster and easier.s
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