In the modern world, blockchain has emerged as a significant game-changer, especially in the area of supply chain management, thanks to its potential applications such as asset digitization, smart contracts, traceability, and loyalty programmes. The lack of visibility throughout the supply chain has slowed the flow of information throughout the network concerning inventory, dispatch, and known market feedback of important pharmaceuticals, which has been significantly impacted by the COVID-19 epidemic. As a result, the adoption of blockchain-enabled traceability solutions has been gaining momentum among all the other blockchain solutions.  

The importance of the traceability solutions market has grown recently as a result of rising concerns about product quality and safety awareness in a variety of industries, including manufacturing, automotive, retail, pharmaceuticals, logistics, banking and finance, etc. Traceability on the blockchain makes it possible to follow the path of information or goods. Transparency and visibility throughout the supply chain may be improved by putting traceability technologies in place. Due to its centralization, traditional traceability systems are vulnerable to issues like single points of failure, forgeries, data tampering, etc. Businesses can easily address all the issues with centralised traceability systems thanks to blockchain, a distributed ledger technology that is specifically suited for sharing and reconciling information. Supply chain management is one industry where blockchain traceability applications and solutions are currently gaining traction. Businesses in a variety of industries have begun integrating blockchain traceability solutions into their supply chains to improve transparency by tracking and tracing all events, enabling quicker and more cost-effective product delivery, improving partner coordination, and facilitating access to financing. 

Blockchain traceability benefits for supply chain management 

1. Product authentication - Product authentication technologies are an essential part of any plan to safeguard goods against fraud and counterfeiting. Traceability solutions powered by blockchain technology are regarded as one of the most effective ways to combat fraud and counterfeiting. By combining the operation with identifying, labelling, and authentication systems, blockchain demonstrates its effectiveness in safeguarding. 
2. Recall management - Recalls of products are frequent and expensive in the pharmaceutical sector. The degree of product visibility in the supply chain has an immediate impact on the recall management process’ efficacy. Therefore, since the barcode or tag contains all the product information, afflicted products may be located very quickly using automated approaches that reduce the amount of time spent looking for and identifying the things. As a result, it will be easier to recall specific shipments and amounts by allowing blockchain traceability across the supply chain. 
3. Inventory management – Every link in the supply chain can experience decreased storage and handling requirements. By deploying blockchain-enabled traceability systems to provide visibility, manufacturers may significantly cut inventory levels. Items may always be automatically tracked in real-time. As a result, real-time data allows for the correct and timely updating of inventory records. 
4. Removing product fraud – Blockchain will make it easier to track the whole supply chain, from producers to distributors to retailers to customers. This improves authenticity and transparency and stops the entry of counterfeit and subpar goods onto the market. 
5. Safeguard your brand – Uses blockchain-enabled unique identifying tags to guarantee the security and authenticity of items. Eliminates counterfeits by employing AI-supported anti-counterfeit tags to stop fraudsters from exploiting your brand name to sell phoney goods. 

Major Benefits of MSRvantage Traceability Solutions-  

1. Brand Protection: Use efficient anti-counterfeit solutions supported by patent-pending technology and AI to prevent and demotivate copycats from selling fakes under your brand.
2. Real-time data based on round-the-clock tracking: Encourage safe data and workflow interchange with real-time visibility, end-to-end transparency, and a trusted environment.
3. Consensus-based Ledger: Keep sensitive data in a distributed ledger that cannot be altered.
4. Eliminate middlemen, save money: Facilitate complex contract conversations without the need of middlemen, and you’ll save money and risk of error.
5. Automates manual processes: makes smart contracts and automation possible to speed up the procedures.
6. Strengthens security: With distributed-ledger technology, traceability solutions provide unparalleled security that produces product traceability pertinent to the transaction that requires an audit trail.
7. Promotes confidence among stakeholders and product users by providing a lone authoritative source. Permits businesses to give their clients information about track and trace. Customers are able to check the legitimacy of the goods thanks to the increased consumer trust.

Conclusion 

A blockchain is a potent, decentralised technology that can be utilised to solve any problem that supply chain managers encounter. With blockchain technology, there is a lot of space for supply chains to be improved in terms of coordination, end-to-end traceability, speed of product delivery, and finance. A complete and dependable approach to improve security and give trading partners end-to-end access is provided by MSRvantage Track and Trace Solution. Track and Trace solutions provide a secure environment for data sharing and processing thanks to the immense potential of distributed ledger technology. MSRvantage Track and Trace systems are trusted by a wide range of industries and organisations for their speed, transparency, traceability, efficiency, and accuracy. MSRvantage Track and Trace supports businesses in their battle against fraud and fake goods by giving them a detailed picture of the intricate product lifecycle.