Supply Chain is a phrase that you might have heard a lot. It can be defined as supervision of raw materials, data, and revenue as they follow the process from supplier to customer/consumer. In simple words, Supply Chain can be referred to as a collection of suppliers that requires bringing a specific product to the market. A chain is made up of nodes which includes a manufacturer building that product to consumer purchasing the product.Supply Chain Management involves integrating and coordinating these flows both within and among companies.
A Supply Chain Management is an essential part of how a business runs, but still, this whole process of the supply chain has too many mediators, and most of the system relies on paper. Apart from this, tracing the products and tracking them is also an exhausting task. This particular idea is vital as nodes are set up in a manner where every node is dependent on each other, which might create a problem if skipped. But that’s not the only concern there are few other problems that how would you verify the authenticity of that product. Who would prove that the product you are consuming is the product that is created by a supplier and not been duplicated by any third-party? The problems in a supply chain is a hard nut to crack but can be solved with the help of RecordsKeeper Blockchain.
Solutions for Supply Chain using RecordsKeeper Blockchain
Recording the quantity and transfer of assets.
There are too many go-betweens in the complete process of Supply Chain. Everybody in the chain ranging from suppliers, manufacturers, clients, etc. have to deal with a third-party rather than dealing with each other in the chain. Thus, a simple process of demand and supply gets divided into some steps and too many mediators.
RecordsKeeper Blockchain provides the solution to all these problems. From here onwards we would be analyzing the use of RecordsKeeper Blockchain in supply chain management. But, before heading further, let’s understand what Records Keeper is and what are the different features that make it significantly applicable to supply chain management. RecordsKeeper is Blockchain-based, structured document storage for record keeping of businesses & individuals. It is a Consensus-based distributed database (registry of documents) for Businesses as well as Individuals with high availability & security. It is built on Blockchain, the technology which powers Bitcoins & other cryptocurrencies. Businesses or Individuals struggle a lot in digitizing & managing their own or customers records by investing a lot of money, time & resources. Similar problems are arising in the Supply Chain Industry, and Records Keeper is a perfect solution for it. Records Keeper can record the number of assets that have been added to the chain or transferred from the chain. Maintaining a data for proper flow of assets in a pipeline is essential, If the information is safe and secure then there can be no loss in the industry of supply chain, the customer can quickly check the authenticity, and RecordsKeeper can quickly verify that the product is authentic.
Tracking purchase orders, change orders, receipts, shipment notifications, or other trade-related documents.
Tracking would be a child’s play once the data is pushed inside the Records Keeper Blockchain, it can be viewed by any individual using the address that will contain the data. Anyone can track the amount of raw material that has been purchased using the purchase order, the product that has been changed, receipts and can also follow where the shipment has been reached. RecordsKeeper is a solution which will minimize the loss or the error that might be created because of data loss.
LET’S TAKE AN EXAMPLE :
A worker mines gold from gold mines. Then the gold is collected, cleaned and then after the procedure is completed the shipment information is added to RecordsKeeper. The container awaits to transfer from the port, on the other hand, officials submit the information related to the shipment electronically. The RecordsKeeper Blockchain confirms the transactions and executes the shipment thus, releasing it. After this, the container is uploaded to the ship, and it takes off. Since the transactions or the information about the shipment is uploaded in the Blockchain and it is a distributed ledger which is visible 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.
The same strategy is applied by the Emergent Technology Holdings to keep track of gold in the world.
We can say that it will transform the Supply Chain Industry. It’s not only about the logistics or Supply Chain companies, but Blockchain is also finding applications in almost all the business verticals. The idea behind using this technology is to streamline the process. In-depth transformation of supply chains will not happen overnight. It won’t be wrong to claim that Blockchain has opened the door for a smarter, faster and a more secure supply chain system