Any blockchain-stored records are simultaneously and instantly available to senders, receivers, shippers, and regulators and always will be. This level of data accessibility makes decisions and operations flow faster and easier, with diminished process complexity.
Typical supply chain industry challenges
From smaller wholesalers to global enterprise companies in product supply and distribution, every organization’s supply chain faces the same hazards and obstacles:
- Scattered, delayed, incomplete, unreliable information available to chain members
- Undue costs attached to inventory management and paperwork
- Natural disasters, unforeseen shortages, demand spikes
- Insufficient traceability of assets
- Fraud and theft, human error, counterfeit goods, and lack of security
- Inability to fulfill customer expectations
Why business supply chains run better on blockchains
Simplify and improve arrivals and departures, shipments, changes of ownership, and other operations. Reduce costs by automating procedures that previously required manual execution before.
Decentralized and encrypted, records on permissioned blockchains cannot be deleted, hidden or tampered with, and are safe from unauthorized access. It’s a fundamentally secure, yet adaptable peer-to-peer solution for supply chain security.
Track each assets’ origin, properties, and movements across trade zones and borders. Identify fraud, theft, and damage, and take action to prevent failure before it happens.
Certifications & compliance
It’ s never been easier for enterprises to manage compliance, verification, and certification of goods and employees.
Blockchain-based systems allow multiple entities and participants to effectively communicate using electronic signatures, instant document exchange, automatic contract verification and other collaboration opportunities.