Supply Chain Management
Vendors/Farms
Registers items. Allow vendor or update vendor master data. The value of adopting blockchain technology can be taken from the fact that it has the potential to connect different ledgers and data points while maintaining the data integrity among multiple participants. The properties of transparency and immutability of blockchain technology make it useful for eliminating frauds in supply chain and maintaining the integrity of the system.
Warehousing
Transparent and controlled transactions. Blockchain has no intermediary (e.g., a bank). It results in faster and more transparent settlements, as the ledger is updated automatically. Payment conditions can be pre-programmed automatically, including the visibility of a transaction, so that it can only be visible to the authorized participants.
Scan QR Code
In a blockchain-based supply chain management, record keeping and provenance tracking become easy as the product information can be accessed through the help of embedded sensors and QR code. The history of a product right from its origination to where it is in the present time can be traced through blockchain. Moreover, this type of accurate provenance tracking can be used to detect frauds in any part of the supply chain.
Check Information
Due to its distributed nature, blockchain does not have a single point of failure. Besides, all the transactions processed on the blockchain are immutable and irrevocable, further eliminating the risks of fraud.
Factory
Produces and registers items. One of the most appealing benefits of using blockchain for data is that it allows the data to be more interoperable. Due to this, it becomes easier for companies to share information and data with manufacturers, suppliers, and vendors. Transparency in Blockchain helps reduce delays and disputes while preventing goods from getting stuck in the supply chain. As each product can be tracked in real-time, the chances of misplacements are rare.
Auditability
All the transactions are immediately visible to authorized parties, meaning no one can tamper, delete or conceal any information added to the blockchain.
Distributor
Delivers item. The real-time tracking of a product in a supply chain with the help of blockchain reduces the overall cost of moving items in a supply chain. Reduction of costs as the topmost benefit of the application of Blockchain in supply chain management.
Retail
Customers can provenance tracking via scanning the QR code. The elimination of the middlemen and intermediaries in the supply chain saves the risks of frauds, product duplicacy and saves money too.