This industry is changing fast and continues to see the promise of blockchain technology, such as transparency and traceability, and how it can positively impact costs. In supply chain management with the help of blockchain technology, companies can digitize operations, reduce costs, and unlock new opportunities while minimizing risks. Modernize your supply chain today to stay ahead in a competitive landscape.
The traditional supply chain management process is beset with inefficiencies, including the following:
Diverse record-keeping and reporting systems result in incomplete, siloed, and unreliable manifests, certifications, bills of lading, and more. Lack of visibility poses challenges in identifying the provenance of data.
Supply chain management results in a huge amount of duplicated data. Huge efforts and tedious, costly reconciliation processes are required to track data across the supply chain, from start to finish.
A supply chain involves various independent participants – such as producers, brokers, transporters, processors, wholesalers, retailers, and consumers – who may lack trust and be hesitant to share data.
The current supply chain management process often faces challenges in knowing the real-time location of goods. In addition, the system lacks a solution to find the source of flawed parts and the origin of previously shipped goods.
The vague, untraceable product characteristics lead to ambiguity in the product information. Traceability problems are a result of inefficient and manual record-keeping and supply chain complexity.
Supply chains still rely on error-prone manual processes – whether it is preparing lading bills, record-keeping, maintaining information, and more. This manual intervention slows down the operations across the supply chain.
Blockchain in the supply chain market offers solutions that help you optimize your operations and reduce inefficient, error-prone processes with intuitive workflows that can be securely integrated with your existing systems.
Supply chains are still bound by error-prone manual processes, whatever it is, in terms of preparing bills, keeping records, maintaining information, and much more. This manual intervention slows down the operations across the supply chain.
Using blockchain in the supply chain, we harness smart contracts that automatically execute when pre-defined business conditions are met. This helps you gain real-time visibility into operations and take timely actions in case of any exception.
Onboarding a new supplier is a time-consuming process for both buyers and suppliers in a supply chain. Our supply chain solution can accelerate the onboarding process with an immutable record of new vendor details.
A supply chain is often beset with risks and lacks trust among participants. Our Blockchain solutions enable peer-to-peer (P2P) interactions that can be trusted based on digital signatures.
We leverage blockchain to build solutions that provide a complete audit trail for data, allowing everlasting record-keeping along the supply chain. Additionally, the smart contract facilitates real-time tracking of data across the supply chain.
Blockchain in supply chain logistics leverages one of the key elements of Blockchain – which is immutability. Our solutions help you ensure that the transactions across your supply chain are time-stamped and tamper-proof, providing you with a single source of truth.
We follow a four-part innovative process that guides your development journey.
We work hands-on with you to comprehend your needs and contextualize blockchain for your business. We do so while understanding the benefits and challenges and co-innovating around the use case.
We enable the organization to be prepared for the market disruption of a successful supply chain solution launch. Our strategy and advisory services help your organization measure its readiness, forecast the business impact, and create a go-to-market plan.
We design and architect the supply chain platform, leveraging our rich domain knowledge and breadth of expertise. We engage stakeholders to build solutions ready for deployment through cross-organizational work.
We implement the supply chain solution and are authorized to make updates and changes. We constantly deliver our services and support even after product deployment to ensure that our solutions have a tangible impact on our client's businesses.
Blockchain in Supply Chain is a technology that enables secure, transparent, and immutable tracking of goods and services throughout the entire supply chain process. It utilizes distributed ledger technology to create a shared, immutable record of all transactions that occur within the supply chain.
Supply chain is actually operated in blockchain. Through blockchain, one gets to produce a shared and unchangeable ledger for the transaction made by and with people participating in the network through any process along the supply chain. Such a distributed-ledger system of this technology places copies of ledger throughout many nodes computers or other nodes along with verifying any number of transactions entered before appending.
Some of the challenges of adopting Blockchain in Supply Chain are standardization, scaling issues, and lack of clear regulatory compliance.
Blockchain in Supply Chain creates an immutable record of all transactions happening within the supply chain, thus making it traceable. Since it is distributed among multiple nodes, it cannot be fudged or altered, thus making the record easier to track goods throughout the supply chain process, and verifying their authenticity.
Dunitech Soft Solutions Pvt Ltd will help organisations mitigate these risks through consulting services. It will consult the organizations to understand the technology and develop strategies for implementation that address these risks. They can also provide technical support in setting up and managing the blockchain network securely so that data privacy and security is maintained at all times.