Building Smarter Supply Chains With Blockchain
With new technologies taking supply chain operations a level higher each day, it is becoming one of the most sought-after industries. Blockchain is playing a key part in improving transparency, reducing administrative costs, and traceability. But, how can you leverage the power of blockchain for your business and shorten operations?
Luckily, there is not much that you will need to do. We at Prolitus offer blockchain in supply chain management solutions so that you can solely focus on core business issues. Not only will you be able to digitize your supply chain, but you will also be able to unlock new opportunities and reduce costs to a great extent.
Many businesses are betting high- stakes on blockchain to eliminate issues faced with traditional supply chains. Let’s try and understand them:
Poor Visibility
Multiple reporting and record-keeping systems result in poor information management and finances. Lack of visibility also leads to difficulty in the provenance of data.
Costly Reconciliation Processes
Data duplication is a big issue with traditional supply chain management solutions. Costly reconciliation processes are then required to track end-to-end processes.
Disconnect Between Key Participants
A traditional supply chain comprises independent participants from producers to transporters and wholesalers to consumers. With no way to track information and changes, there is a lack of trust between the key participants.
Lack of Transparency
Old supply chains make it extremely difficult to track the real-time location of goods. Besides, there is no way to find out the source of defective parts and previously shipped goods.
No Traceability
Manual record-keeping systems and supply chain complexities lead to ambiguity in the product information.
Delay in Operations
Be it lading bills or product delivery, supply chains still depend on error-prone manual processes. This slows down processes across the entire chain.
Features of Our Blockchain-based Supply Chain Solution
Leveraging The Power of Smart Contracts
Smart contracts let us automate and expedite processes across the supply chain. Managing finances and getting quick payments becomes super easy.
Multi-currency Wallet
The multi-currency wallets let users store and transfer cryptocurrencies seamlessly.
Smooth KYC and AML
Blockchain-based AML and KYC processes can help organizations accelerate identity verification and onboard users efficiently.
Robust Reporting Dashboard
Get real-time access to transaction and balance reports, achieve transparency, and make informed decisions.
Funds Management
Keep a thorough check on the total funds, percentage of funds in circulation, and more.
Manage Users
Manage stakeholders, privileges, roles, user logins, and permissions with a solid user management system in place.
Future of Blockchain in Supply Chain Market
Blockchains eliminate the need for information transfer via separate mediums. As a result, data is shared within your enterprise, and transparency is achieved at all levels. While some organizations are skeptical about using blockchain in supply chain management, they are slowly warming upto the idea.
Over the next decade, the blockchain supply chain market is predicted to see a surge in innovation and transformation. Thus, participants will be able to access all information on a single platform. The global supply chain market size is expected to reach $ 9,852.91 million by 2025.
The retail industry has continued to dominate the blockchain supply market, and the same is expected over the coming years. The reason? Steady rise in adoption of blockchain by retail players to organize their supply chain processes.
While the retail industry continues to rule the roost, it is predicted that the healthcare industry will witness the highest CAGR (Compound Average Growth Ratio) in the upcoming decade.
Healthcare service providers are betting high-stakes on blockchain to keep track of healthcare products from start to end. Besides, it will also help pharmaceutical companies to decrease unlawful activities and deal better with the illegal production of harmful medicines and unorganized stock control.
Why Choose Our Tokenized Assets Offering Development Platform?
Prolitus offers solutions that enable you to optimize operations, reduce inefficiencies, and establish intuitive workflows with your existing systems.
- Boost Supply Chain Transparency : Since our solutions run on a blockchain, all parties are on the same page when it comes to product tracking, transactions, and payment settlements.
- Real-time Visibility: Smart-contract functionality lets you automate core tasks, gain real-time visibility, and take timely actions.
- Smooth Supplier Onboarding: Onboarding new suppliers need not be time-consuming for both suppliers and buyers. Expedite your processes with tamper-proof records and smooth record addition facilities.
- Audit Data With Ease: We offer solutions that let you audit a complete trail of data, achieve real-time tracking, and level up your record-keeping with supply chain changes.
- Guaranteed Immutability : Our solutions ensure that all your operations across the supply chain are time-stamped and tamper-proof, and you have only the correct information in place.
- Disintermediation: Supply chains are full of risks, and there is minimum to no trust among participants. We enable peer-to-peer (P2P) interactions that build trust via digital signatures.
- Expert Team: Our team of experts uses the best of tools and approaches to make your products stand out.
- Smooth Development Processes: Our products are designed to meet your target audience’s needs. We design roadmaps that ensure seamless execution and deployment.
- Complete Support: We ensure that you don’t face any issues post product launch and work round the clock to support you with your queries.
- Meaningful Outcomes: We create products that deliver on promises, make customers happy, and help you get good value from your investments.
Frequently Asked Questions
Is it easy to integrate blockchain in supply chain processes?
Well, it is the process by which an issuer creates tokens on a blockchain or distributed ledger. They either represent physical or digital assets. Besides, you can choose to buy a fraction of the total ownership of tokens.
Does blockchain have a use case in the logistics and supply chain industry?
Blockchain can increase the transparency in supply chains and make everything from warehousing to delivery much more efficient. Moreover, there will be no disputes regarding any transactions as all the entities will have the same information.
Does blockchain have any impact on supply chain costs?
Blockchains can let you track a product within the supply chain without anyone’s involvement. This will reduce the cost of moving items, and removing mediators will prevent fraud and product duplicacy.
What is the key difference between supply chain and blockchain?
A blockchain comprises information connected by a series of blocks. At the same time, a supply chain is a set of processes used to optimize the end-to-end operations of product delivery to customers.
How can blockchain in supply chain management pave for sustainable lifestyles?
The use of blockchain in supply chain management can shrink supply chains drastically, produce better quality products, save production time, and increase customization capabilities in product offerings. All these factors can lead to sustainable lifestyles and better quality of human life.
