The use of blockchain technology in supply chain management is making huge waves in this era of globalization.
Managing a product supply on blockchain technology offers some distinct benefits.
Offering visibility into a supply chain using blockchain is a great way to inspire customer confidence.
This newfound confidence in supply chain transparency has informed a growing trend among businesses to make use of blockchain technology to offer customers more transparent information into the source of their goods.
A small operator in Denver known as Coda Coffee recently announced its offer of what it refers to as "The world's first blockchain-traced coffee." Big companies like Starbucks, Cargill Inc., and Maersk are also reportedly making use of the technology for goods tracking through the supply chain.
Many traders understand the importance of transparency when it comes to supply chain management.
"Many larger producers do not want to reveal provenance of their goods for fear of losing a competitive advantage. Blockchain allows information to be transferred in a trustworthy and anonymous way, essentially providing a trust network that allows information to cascade down the chain from raw material onwards, without revealing who people are."
Blockchain technology can alter brand perception and create a much better reputation.
Using blockchain technology makes it possible for all stakeholders within an industry to access the information they need.
The use of blockchain technology to manage a product supply chain is a superior way to create a stronger bottom line.
Adopting Blockchain Technology to Streamline Supply Chain Management
Published on Apr 22, 2018
by Cryptoslate | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.