Right now, Blockchain is reshaping industries in domains like - finance, healthcare, government and manufacturing. The technology will continue to grow and be used in more advanced ways. Blockchain offers a pooled ledger that is updated and authenticated in real time with each network participant. It allows equal visibility of activities and reveals where an asset is at any point in time, who owns it and what condition it’s in. Blockchain technology permits us to more securely and transparently track all types of supply chain transactions. Every time value deviates, whether physical products, services or money, the transaction could be documented, making a permanent history of the product or transaction, from source to ultimate destination. This could intensely reduce time delays and added costs from third parties in supply chains.
Blockchain technology for supply chains is new and the vendor ecosystem is immature, but the speed of its development and acceptance is quickening as its potential impact on supply chains is better understood by more people.
The benefits of food supply traceability go well beyond food safety. With the prospect to advance your business’ branding, marketing and processes, traceability software is an investment that can renovate your entire business. Moreover, traceability also helps to lessen fraud and counterfeiting of food. By having the prominence of the supply chain through traceability, supply chains can be more self-assured of genuine products entering the marketplace.
Excellence and food safety principles can be used to plan and implement traceability.
Blockchain empowers the creation of smart contracts, with terms and conditions both sides can identify and that guarantees trust in the enforceability of the contract and the identity of the counterparty.
Blockchain based smart contracts offers a number of benefits, Likewise
Blockchain allows one to track the ‘journey’ of data, comprising a valid timestamp. This is valuable in a wide variety of courses such as: Exchange of private business documents, transfer of shipping documents and order more. In mishmash with Smart Contracts, the potential is even larger.
The food gets be tracked with information such as farm origination details, batch numbers, factory and processing data, expiration dates, storage temperatures and shipping detail are digitally linked to the physical food items as it moves from source to target destination. The information taken during each transaction is authenticated by businesses within the network (farms, transport companies, packaging companies, warehouses and stores) forming an agreement.
Each food item received at store is certified as authentic, and its digital recorded that could easily reveal food safety concerns picked up between farm and store. The digital record can also help Walmart stores better to manage the shelf-life of products in individual stores.
While pharmaceutical supply chains will benefit from Blockchain it is as similar as the food supply chain, in healthcare’s services supply chain (patients, healthcare workers, workrooms, dispensing points and drug suppliers) that stands to value more. Medical records within developing countries are traditionally documented on paper and stored in the hospitals. This poses a difficulty when people move or if the region is diluted.
Blockchain network digitizes, stores, and encrypt a patient’s medical record in a decentralized manner.
A Blockchain application lets all stakeholders in the supply chain to send, receive and track an electronic bill, as well as upload and send related trade documentation such as orders, bills, permits and shipping instructions. The application is connected to a distributed ledger network which tightly records and authenticates the ownership and legitimacy of the documents. Automotive company like Mahindra is experimenting with Blockchain to run its invoice discounting business. Invoice discounting is the procedure of pushing and selling unpaid bills at a slight discount and is a foremost source of working capital for suppliers who would otherwise need to wait a month or more to be paid.
Each food item received at store is certified as The invoice discounting process usually takes seven days to complete between Mahindra and its supply chain finance partners.
To wrap with, Smart shippers are discovering ways to leverage these innovations to escalate profits and strengthen relationships across the supply chain. They’re also associating with advanced service providers who value transparency and improvement, and understand block chain’s potential.