Can NFTs and Blockchain Technology Improve Transparency in Supply Chain Management?
From facilitating faster transactions to helping individuals have better control over their data flow, Blockchain technology is disrupting industries.
Previously, we talked about the impact of blockchain in decentralizing financial services and ensuring traders can constantly earn cryptocurrencies. But can Blockchain and the idea of an NFT supply chain solve the issue of transparency in complex supply chain management?
Let’s find out. But first, what’s blockchain and NFTs, and how can they be used in supply chain tracking?
What’s Blockchain technology?
Unlike centralized systems where records are stored in one place, Blockchain technology is a digital system of distributed ledger for storing records of transactions across multiple locations.
Because the data is duplicated and stored in a decentralized network, it’s difficult to hack or manipulate — thereby protecting your data’s integrity, making it immutable and transparent.
These immutable and verifiable features can bring about the Blockchain-optimization of supply chain management.
