Building Smarter Supply Chains With Blockchain
With new technologies taking supply chain operations a level higher each day, it is becoming one of the most sought-after industries. Blockchain is playing a key part in improving transparency, reducing administrative costs, and traceability. But, how can you leverage the power of blockchain for your business and shorten operations?
Luckily, there is not much that you will need to do. We at Prolitus offer blockchain in supply chain management solutions so that you can solely focus on core business issues. Not only will you be able to digitize your supply chain, but you will also be able to unlock new opportunities and reduce costs to a great extent.
Many businesses are betting high- stakes on blockchain to eliminate issues faced with traditional supply chains. Let’s try and understand them:
Multiple reporting and record-keeping systems result in poor information management and finances. Lack of visibility also leads to difficulty in the provenance of data.
Costly Reconciliation Processes
Data duplication is a big issue with traditional supply chain management solutions. Costly reconciliation processes are then required to track end-to-end processes.
Disconnect Between Key Participants
A traditional supply chain comprises independent participants from producers to transporters and wholesalers to consumers. With no way to track information and changes, there is a lack of trust between the key participants.
Lack of Transparency
Old supply chains make it extremely difficult to track the real-time location of goods. Besides, there is no way to find out the source of defective parts and previously shipped goods.
Manual record-keeping systems and supply chain complexities lead to ambiguity in the product information.
Delay in Operations
Be it lading bills or product delivery, supply chains still depend on error-prone manual processes. This slows down processes across the entire chain.
Features of Our Blockchain-based Supply Chain Solution
Leveraging The Power of Smart Contracts
Smart contracts let us automate and expedite processes across the supply chain. Managing finances and getting quick payments becomes super easy.
The multi-currency wallets let users store and transfer cryptocurrencies seamlessly.
Smooth KYC and AML
Blockchain-based AML and KYC processes can help organizations accelerate identity verification and onboard users efficiently.
Robust Reporting Dashboard
Get real-time access to transaction and balance reports, achieve transparency, and make informed decisions.
Keep a thorough check on the total funds, percentage of funds in circulation, and more.
Manage stakeholders, privileges, roles, user logins, and permissions with a solid user management system in place.
Future of Blockchain in Supply Chain Market
Blockchains eliminate the need for information transfer via separate mediums. As a result, data is shared within your enterprise, and transparency is achieved at all levels. While some organizations are skeptical about using blockchain in supply chain management, they are slowly warming upto the idea.
Over the next decade, the blockchain supply chain market is predicted to see a surge in innovation and transformation. Thus, participants will be able to access all information on a single platform. The global supply chain market size is expected to reach $ 9,852.91 million by 2025.
The retail industry has continued to dominate the blockchain supply market, and the same is expected over the coming years. The reason? Steady rise in adoption of blockchain by retail players to organize their supply chain processes.
While the retail industry continues to rule the roost, it is predicted that the healthcare industry will witness the highest CAGR (Compound Average Growth Ratio) in the upcoming decade.
Healthcare service providers are betting high-stakes on blockchain to keep track of healthcare products from start to end. Besides, it will also help pharmaceutical companies to decrease unlawful activities and deal better with the illegal production of harmful medicines and unorganized stock control.