What is Blockchain Technology?
Blockchain is a distributed database used to hold records of digital data or events in a way that makes it tamper-resistant.
The stored information exists in multiple copies that are spread over multiple computers, known as nodes. These nodes are connected to the blockchain network which gets an updated version of the ledger every time when a new transaction takes place.
The supply chain is a system of organization, activities, information, people, and resources involved in the creation of a product from raw material to the final product to the end-users.
As supply chain management is a very important part of the business process it comprises various functions that start with meeting customers’ requirements and development, marketing, operations, distribution networks, finance, and customer service.
In business, transportation is the process of movement of products or persons from one place to another. The growth of the ability and the need to transport large quantities of products or resources over a very long distance at high speed paved a way to better transportation medium.
Transportation consists of the fixed installations involving roads, canals railways, airways, waterways, and pipelines.
In the point of business, logistics refers to the process of managing the flow of things/goods from point of origin to the point of consumption. This process is carried out to meet the requirements of consumers and organizations.
The things managed using logistics involve tangible goods such as supplies, foods, equipment, materials and other usable goods.
Blockchain in Supply chain and logistics
Blockchain is a booming technology that provides the transformation of every industry when implemented. This blockchain technology proves to be the rescuer of supply chain and logistics from the above-mentioned challenges.
Blockchain in supply chain and logistics can provide better processing of SCM and helps in reaching the right customers with the right products/services at the right time. There are many supply chain and logistics industry that has been implemented blockchain technology for their betterment.
Get connected with Bitdeal — A Blockchain Development Company to develop your custom blockchain application for the supply chain industry.