The supply chain is a fundamental part of how the business runs the whole interaction of the supply chain; has an excessive number of middle people and the vast majority of the framework still relies on paper aside from this tracing the products and tracking them is likewise a drawn-out task.
Grinding is another issue in the supply chain as there are an excessive number of go-betweens everybody in the whole supply chain going from providers, manufactures, suppliers, customers and so forth have to manage an outsider as opposed to managing each other along these lines a straightforward interaction of interest and supply gets isolated into certain means and an excessive number of go-betweens.
Here we will be breaking down the utilization of block chain in supply chain management with an Example.
The blossom provider readies the bundle and afterward the shipment data is added to the blockchain the holder loads moved to the port all the while authorities present the data identified with the shipment electronically; the blockchain affirms the exchanges and executes the shipment.
Hence delivering after this; the holder is transferred to the boat and it takes off. Since the transactions for the data about the shipment is uploaded to the blockchain and it is a distributed ledger which is noticeable to all the people in the network. Everyone right from the supplier to the contractor to the receiver can see when and how the shipment is moving.
Thus everything happens quickly and in a much more transparent way.
Now let's look at the vital advantages of blockchain in supply chain management.
With the help of blockchain all the parties in the entire procedure of supply chain can benefit in the following ways :-
1. Eliminates the fraud
2. Quickens up the pace of tracking
3. Improves inventory management
4. Reduces the courier cost
5. Lessens the paperwork
6. Better monitoring of shipment
Thus you see that blockchain provides various advantages that can be helpful for the entire supply chain management system.