Blockchain In Supply Chain Management
The supply chain is a huge network and it’s more complex than it was a decade ago. As of now, a payment, after being initiated by the supplier, takes days to reach the manufacturer. On the other hand, contractual agreements between parties need support from lawyers & banking systems. This results in the summing up of additional costs and time delay. Products are sometimes hard to track, leading to difficulties in eliminating item defects.
Whether it is machinery, consumer goods, medicines, food products, or online offerings, supply chains are still cumbersome.
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| blockchain in supply chain
What Are The Issues With The Current Supply Chain?
One major problem in the supply chain is Friction. Too many intermediaries, hefty back & forth processes, and the rise in uncertainty create lags in the supply chain and stops it from functioning well. A centralized organization acts as the intermediary between manufacturers & consumers and providers & clients. Obviously, simpler transactions become more complex, turning into lengthy, multi-step procedures.
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