Blockchain in the supply chain and logistics

Blockchain in the supply chain and logistics

Today’s supply chain management – all the links to create and distribute goods – extremely complex. Depending on the product, the supply chain can go through hundreds of stages, many geographical (international) locations, multiple invoices, and payments, there are many individuals and organizations involved and lasts for many months. Due to the complexity and lack of transparency of our existing supply chains, there is an interest in how blockchains can transform supply chains and logistics. Take a look at what’s broken, how the unique attributes of blockchain can help and consider a few examples of blockchain that have affected the supply chain. How is the supply chain broken? Our current supply chain is broken in many ways. Over a hundred years ago, the supply chain was relatively simple because commerce was local, but they became extremely complex. Throughout the history of the supply chain, there have been innovations such as converting to transporting goods over trucks rather than railroads or the emergence of personal computers in the 1980s resulting in significant changes in governance. Supply chain management. Since manufacturing has been globalized, and a large portion of it is made in China, our supply chain is heavy with their own complexity. It is difficult for customers or buyers to truly know the value of a product because of the lack of significant transparency in our current system. Similarly, it is difficult to investigate supply chains when there is a suspicion of illegal or unethical practices. They may also be inefficient when providers and vendors try to connect the dots on who needs what, when and how. What is blockchain...

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