Supply chain management to use blockchain technology

A rise in the digital currency is required in the supply chain management
  • Supply chain management requires more blockchain-driven innovations
  • Blockchain network can help increase the supply transparency
  • Blockchain and cryptocurrency are the future of supply chain management

Supply chain management efficiency is being improved with the surge in cryptocurrency and blockchain technology in the chain. Blockchain technology and cryptocurrency are working hand to hand, ensuring safety and efficiency from supply chain management to tracking pharmaceuticals from point A to point B. To offer such convenience, technology is using cold chains. On the other side, in recent days, cryptocurrency has been all the rage in the market as Bitcoin has surged higher to achieve a new record high after surpassing the price level of $50k.

Supply chain management seeks more blockchain-driven innovation

Blockchain network is helping several sectors around the world. From supply chain management to multiple cloud platforms are using the network. Marina Mayer, Supply & Demand Chain Executive, had recently conducted a poll on the social platform. Following the research, Mayer observed that more than 75% of the respondents seek virtual currency to get more common in transportation and supply chain markets. For example, Do Freight Transportation’s Doftcoin (Doft) which helped truckers, carriers, and shippers in the transportation community. However, TruckCoin is expected as the next generation of cryptocurrency in the trucking community.

How will the blockchain network benefit the supply?

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Blockchain networks will help offer an increment in supply transparency. Moreover, the technology will also help reduce the cost and risk across the supply chain. The supply chain driven by the blockchain innovations can significantly deliver increasing traceability of material supply, Lower losses from market trading, improved visibility, compliance over outsourced contract manufacturing, and reduced paperwork. Simultaneously, it is known that the technology has the potential to strengthen corporate reputation through providing transparency of materials used in products.

Supply chain’s future includes digital currency

Where blockchain technology is gaining momentum, firms need to observe the sector players who already have begun experimenting with the integration. According to a research study by Deloitte, crypto and blockchain is the future of the supply chain. The observation just matters who’s in and who’s out. 

Finally, technology can streamline administrative processes and reduce costs by enabling an effective audit of the chain data. Hence the process involves checking for compliance, that might take several weeks to accelerate through a distributed ledger of all relevant data.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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