The original platform behind cryptocurrency of Bitcoin is Blockchain. Technically, blockchain is being portrays as one of the solutions on trading and any inefficiencies of settlement and at the same time in improving its transparency of the flow in reducing any risk of fraud.
In 2009, the blockchain is considered as the successful revolutionary technologies with with the present of Bitcoin. It gives the ability for everyone on the network the chances to witness all the transactions, providing a transparency and an immutability.
Moreover, it also manage in gaining its popularity. The Logistics industry is now seeing more potential especially in implementing the concept of blockchain in real-life situations. As there are possibilities of sharing in this technology, there must be a lot of opportunities for every logistics and supply chain use cases. This plays a bigger chances in deciding the type of solution that had been selected to be in the nearest future. All the financial transactions rely on the crypto blockchains in practicing the solutions. The chain code also known as the blockchain network’s heart which explains what and how the process of the transaction before it turns into block.
This blockchain technology offers:
What are its Advantages:
I. Improvements of the transparency and the data sharing across the supply chain.
II. Better tracking of all the orders.
III. Reducing all the errors and the fraud detection.
IV. All of the members as well as the stakeholders of the network are still connected and can access data instantly.
Another Methods in Using The Cases of Blockchain in Supply Chain
i. Tracking all of the shipment notifications, receipts, orders, and other documents
ii. Asset digitization by combining and preparing the digital signatures to the assets.
iii. Sharing the information on the process of manufacturing the assembly and the delivery.
iv. Proper agreement on the product maintenance with the suppliers as well as the vendors.