As blockchain started to revamp and disrupt many industries, it becomes the most profitable remedy for industry challenges. There are more than 20+ industries that are gonna transform with blockchain technology, but, among other industries, the supply chain industry is grabbing more use cases, as the entire system involves a lot of traceability and transparency issues. We have already discussed the concept of blockchain in supply chain and logistics in our previous article. Now we are going to explore what is blockchain supply chain development, What are the roles of blockchain in the supply chain, Blockchain Solutions For Supply Chain, Blockchain Use cases in supply chain.
Blockchain Supply Chain Development
Developing, Testing and Deploying a custom private blockchain application separately for individual supply chain industry on any blockchain technology like hyper ledger, ethereum, Hashgraph, R3Cords, and EOS, etc. is known as Blockchain Supply Chain Development. This supply chain blockchain development services are now famous among blockchain companies.
Understands the demand for blockchain supply chain development and started to provide the best possible blockchain development solutions for supply chain industry and also can leverage blockchain technology for various supply chain models like fast chain, continuous chain, efficient chain, agile and more.
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TriwizardSupply Chain Blockchain
Supply chain is the process of distributing or supplying products, services or goods to the end customers. Describing the entire process may be easy, but there are “N” number of chained process. Delivering a product from manufacturer to the customer involves a lot of interlinked processes, and finally the good will be delivered to the end-user by passing it via multiple intermediate hands, like suppliers, manufacturers,distributors, Retailers, transport agencies, local distributor, delivery boy and finally the customer.
Due to the involvement of multiple intermediaries, there would be a high risk of maintaining the product details, customer details, product safety, Costs, transparency in tracking, and delivering on time. You may think the existing supply chain system almost seems to work properly, then why need blockchain? Yes, I accept almost 70% supply chain systems working properly but with high risks involved and are investing high costs to reduce those risks. By implementing blockchain in supply chain we can reduce those risks, and can eliminate the cost of maintenance.
Supply chain has a lot of derivatives and models. Before seeing the challenges in supply chain, Let’s have a quick view of Supply Chain types and models.
Supply Chain In Various Industries
- Food Supply Chain
- Automotive Goods Supply Chain
- Ecommerce Supply Chain
- Pharma and Drugs Supply Chain
- Wood Supply Chain
- Raw Materials Supply Chain
- Agriculture Supply chain
- coffee supply chain
- apparel supply chain
- oil and gas supply chain
And etc.
Different Models of Supply Chain
Continuous flow model
When a business or manufacturers repeatedly produces the same kind of goods or product then it will be referred to be the continuous flow model.
Fast Chain
When a business or manufacturers produces different types of goods based on the trends then that will be referred to as the fast chain model.
Efficient Chain
Preferred when the market is a highly competitive one.
Risks and Challenges in Supply Chain
No matter what kind of supply chain it is, either it may be a ecommerce supply chain, food supply chain or whatever. The below are the most common risks and challenges faced by supply Chain industry.
- Transparency
- Traceability
- Inventory
- Maintenance Cost
- Natural Disasters and unexpected shortages
- Fraud, Theft, Manual Errors
- Security
- Database Maintenance
Blockchain Solutions for Supply Chain
Bringing blockchain technology in supply chain will draw us a secured and integrated way to maintain the details of the goods, and other information under a distributed decentralized ledger.
One of the most notable security features of blockchain is, once the data is stored, then it can’t be changed or forged by anyone. This immense feature of blockchain will bring more flexible functionality and data maintenance for supply chain. With blockchain we can reduce the cost of setting up inventory management. Moreover, blockchain bring more authenticity to a particular product or good by providing a unique identity number.
Benefits Of Blockchain in Supply Chain
- Reduces Manual Errors
- Improves the process of inventory management
- Diminfies Transportation Costs
- Enriches Customer Relationships
- Increases Transparency
- Smart contracts empowered the automated system to indicate arrival, departures and other shipment details
- Certification & Compliance registration Will be more smooth
- Seamless collaboration with payment devices, electronic signatures, and logistics agencies.
Why develop Blockchain for your retail or manufacturing business?
As the blockchain waves started to affect every corner, many businesses already started to incorporate its use cases. Customers are also become more educated and are expecting quality services on time. This becomes the most challenging one for manufacturers and suppliers in the supply chain industry. Also the competition between manufacturers getting increased every day. So, to grab customer attention to your brand and to provide quality services, it becomes very important to adept blockchain technology for your business.
By incorporating blockchain and by developing private blockchain for your manufacturing business. You can meet your business goals effectively in the future.
Business Benefits of Integrating Blockchain in Supply Chain
- Increases brand identity
- Increases quality services
- Reduces the Cost of Maintenance
- Meets Customer query on time.
- Compliant and registration process will be easier.