How Blockchain can renovate Supply Chain Management ( SCM ) ?
SDC Executive published a news on March 6th 2019 that ,
"Blockchain in Supply Chain Management Expected to Reach $661 Million by 2025."
This shows the demand and concierge of use of blockchains for supply chain managements .
Do you know , What is supply chain management ? , What is the flow of a SCM ? How can a blockchain be used in SCM ? and What are the core benefits of application of blockchain in SCM ?
Well . Let me stop questioning you and answer all the above questions one by one and make you clear about the need and demand prevailing over the globe for the use of blockchain in supply chain management .
Do you ever thought about the origin of all the products we use ? From where does it started manufacturing ? What are the steps followed for manufacturing it ? From where to where it is being shipped ? Through what transportation shipping process is carried?
If we all have a chance to know answers for all the above questions, we surely will utilize the chance and wonder finding the origins of all products . isn't it ?? . Yes . Here is a chance . Blockchain Technology provides a way for it .
"Use of Blockchain in SCM is a Key to know about origin of Every Products "
Supply chain is the back-bone of every business or products or services . Supply chain is the main process that makes a business stands high as a brand in the market . Maintaining a proper supply chain for a business is a tedious task today.
Supply Chain Management ( SCM )
Supply Chain Management is a complete process of changing the raw materials into goods and delivering it to the end-user . It is nothing but a process of managing the flow of goods/ services starting from supply of raw materials to the manufacturer till the delivery of final good to consumer.It involves material flow, information flow as well as financial capital flow.
SCM invloves supply and storage of raw materials , production of goods , transporting and delivering it to the end-user . Supply Chain is a network of individuals , resources , organizations, processes , technologies connected together to produce a product/service .
I think I have fed you a right answer for the question What is supply chain management ? and What is the flow of a SCM ? and made you clear about SCM . Right ??
Now let me move on to the next question How can a blockchain be used in SCM ?.
Blockchain in SCM
Blockchain with IoT's in supply chain can make SCM process an effortless . Just using the micro IoT's chip to monitor the movement of products and use of blockchian to store the tracking records can provide proper supply chain management . This could also increase the product usage and demand .
For the clear understanding of the role played by blockchain in SCM, let us consider food supply chain with blockchain.
Food Supply Chain
Food supplychain is also one among the SCMs that are facing major challenges . According to the report from WHO, one out of ten ten people faces illness and around 420,000 die due to contamination of food.
Now a days 95 % of people fears to buy food products and wanted to know about the complete details of the food products they buy . This created a need of a transperant food supply chain system .
Blockchain helps to resolve the difficulties in food supply chain . With blockchain and IoT's chip , people monitor the production of food products and also their transportation. So , they can know about the mishandling, contamination or expire of food products before buying it . This blockchain in food supply chain provides a lot more benefits not only to the consumers , but also to the producers,suppliers and retailers too .
Blockchain has eraticated the complexity in many different supply chains and most notable SCMs that are benefited by Blockchain are as follows :
1 . Coffee Supplychain .
2 . Automotive Supplychain .
3 . Seafood Supplychain .
4 . Drugs Supplychain .
5 . Beverages Supplychain
6. Apparel Supplychain
7 . Minerals and Luxury Goods Supplychains , etc .,.
Let me share a video link that I have seen and stunned which explains about supply chain for diamond with blockchain. Checkout here : Diamond Time-Lapse Protocol
Well , hope you understood the game played by blockchain in SCM . Finally , let me list out What are all the core benefits of application of blockchain in SCM ?
Benefits of Using Blockchain in SCM
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- decentralized exchange script
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- Digital Asset Exchange Software
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