Blockchain automates business logic in a programmable and secure way with the use of smart contracts. Automation removes unnecessary middlemen, boosts performance, and reduces the probability of a human error. All of that results in cost reduction from supply chain infrastructure.
In 2018, Walmart automated parts of their supply chains and reduced operational time for mangoes tracking from 7 days to 2.2 seconds by using blockchain.
Enterprise Blockchain-based supply chain solutions offer speed, visibility, security, and traceability by design. They optimize the processes across all tiers making them more agile and transparent. Companies receive deeper insights from their supply chains helping them to meet the demands of customers and regulators.
Furthermore, it allows businesses to fight the growing counterfeiting and piracy which, based on a recent report from Frontier Economics, is expected to reach US$2.3 trillion by 2022.
Applying decentralized technologies into your business and supply chain not only boost process optimization but it gives you a big competitive advantage. For instance, French retailer Carrefour SA has seen sales boosted by the use of blockchain ledger technology for their food supply chains.
Developing trust among your customers by providing goods with a traceable source in a transparent manner will position your company as a preferred choice for their needs.
Blockchain reduces paperwork by enabling its digitalization while providing an immutable audit trail. It eliminates manual processes and helps reduce the risk of fraud and errors within supply chains. All documentation is cryptographically secured and any updates, reads, or writes can be performed only by authorized parties.
Blockchain ensures that every good moving through a supply chain has its own immutable digital identity that can prove its provenance at any stage. This can include data such as when/where the product was manufactured and what steps it took throughout its journey.
Still not sure if decentralized technologies apply to your industry and business objectives? Our team can help you better understand them and how they can drive growth and competitive advantage for your organization. We offer blockchain consulting for businesses. We will prepare a tailored consulting plan that complies with your needs, technical knowledge, and goals. Reach out to us here.
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