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The supply chain industry has become much more complex and cumbersome. The amount of time taken for payment between a customer and a vendor, or a manufacturer and a supplier is notably long and tedious. The products once received, are extremely hard to trace back to its supplier which in turn makes it difficult to eliminate defects in food products, consumer goods, industrial equipment or digital offerings.
The friction in this supply chain is a major problem since there are a lot of middlemen and this vast chain increases the uncertainty and stops the chain from working as desired. A chain that is just a list of simple transactions turns into a lengthy procedure involving a high number of steps.
— Nihar Bhagat
The blockchain technology is the answer to the number of problems that are listed above. Due to the distribution of the data on the blockchain, it is highly impossible to breach that. The digital ledger is secure because each transaction is linked back to the previous one, making tampering an impossible task. The multiple copies of the same ledger provide the truth for each and every transactions. The status of the product at each stage of production can be recorded and traced back using blockchain. The tracing would link each product to its initial source and all the middlemen it comes across.
One of the applications of blockchain is a smart contract. It is a software program that carries out the contract and is stored on the blockchain. It will work the way it has been programmed leaving no room for fraud or interference. The cost and time that is saved in each and every transaction will be a major advantage since manual tasks will be avoided. Blockchain has the power to change the whole supply chain, industries, and ecosystems by tracking deadline, avoiding costly delays and the handling of manual paperwork. Blockchain would truly open many doors leading to faster, smarter and more secure supply chain.