Overview
Globally, there is an increasing demand for supply chain and logistics solutions. Due to insufficient visibility of a product’s origin, asset mishandling, limited transparency, and authentication concerns, the global supply chain business faces various challenges. This has resulted in a higher knowledge of – and examination of – the supply chain than ever before. This examination has shown the modern supply chain’s fragility, and many organisations have simply found themselves unable to quickly adapt, triggering a crisis in and of itself.
While managing the finances and operations, almost two-thirds of logistics expenditures are accounted for by fuel and freight. To boost the bottom line, supply chain and logistics managers must optimize those expenses. With blockchain technology, transparent and reliable data can assist shippers in transitioning from reacting to market changes to controlling transportation costs and outcomes proactively and effectively. Shippers can establish a revolutionary strategy for their firm by acquiring greater transparency into fuel and freight expenses.
Benefits
Supply Chain Management
Blockchain facilitates communication among parties. Which makes the process more straightforward,
with shorter lead times, less redundancy, fewer delays, and, ultimately, a leaner supply chain. Blockchain also ensures that quality standards are met, giving the seller greater control over the manufacturing of the product from beginning to end.
Maintenance of Documents
Every transaction that occurs on a blockchain network is accessible to everyone on the network.
Nothing can be eliminated if it is not detected. This transparency eliminates areas of fraud, such as double brokering. With blockchain shippers can securely track the creation and modification times of a document or transaction using the widespread practise of notarization and nonrepudiation, verifying authenticity.
Fleet Management
Blockchain and ELDs (electronic logging devices) go hand in hand. In real-time, ELDs can communicate a
stream of driver behaviour and route data to a blockchain. Combining this information with traffic and weather data provides carriers and shippers with a tool for improving routing. Available capacity in trucking can fluctuate by the hour. You will know when and where capacity becomes available thanks to blockchain transparency.
Solutions
Track & Trace Solution
Logistics firms can use blockchain to record production modifications on a single shared ledger,
giving them complete data visibility along with a single source of truth. Companies can access a product's status and location at any time because transactions are always time-stamped and up to date—this aids in the fight against counterfeit goods, regulatory infractions, delays, and waste. Furthermore, during emergencies, fast action may be taken as product recalls, and the ledger audit trail ensures regulatory compliance. Moreover, logistics can automate production, shipping, and quality control conditions by merging blockchain with smart technology such as the Internet of Things. Customers can also be given access to track and trace data in logistics to check product authenticity and ethical logistics practices.
Smart Contracts
The code of the blockchain with smart contracts inherits the blockchain's transparency.
All agreement terms and conditions inscribed into the smart contract are always available to all parties and blockchain participants, and there is no misunderstanding or concealed knowledge.
Use Cases
How Blockchain is Transforming the Lubricants Industry
The lubricants industry plays a vital role in maintaining the smooth operation of machinery across various sectors, from automotive and manufacturing to aviation and shipping. As a critical component of
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Track and Trace in Medical Industry
The pandemic has proven the medical industry to be a line of defence in any country. While the medical industry is growing what with new technology and research, persisting problems
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