The truth about Blockchain technology and the way it is taking over the global supply chain


Bitcoin and Blockchain technology are rapidly changing the world we used to live in. With the increase in competition, expectations of customers are increasing that makes it hard for companies to manage the higher level of performance. Companies need permissibility in their services in order to maintain the performance of their supply chain. Blockchain technology is changing the way we used to manage the supply chain. It is helping organizations generate better results in limited time. Here is how Blockchain technology is changing the supply chain industry.

Increased transparency

Transparency is the major issue that companies have to deal with. If they are unable to provide their customers with transparent services, it will get hard for them to gain the trust of their customers. However, with Blockchain technology, things are getting easier. There are many companies which have been able to collect accurate data related to their supply chain. It helps them to manage the production and supply of products and services due to which the waste has been reduced. It is helping the business owners to save their time and money that can be invested in introducing new products and services.

Better security

The biggest attraction of the Blockchain technology is that it is secure. The hackers have been working hard to break the code of technology but they have failed every time. Algorithms and codes of Blockchain technology have been adjusted with such perfection that all the data related to your supply chain and customer information will remain safe. You will not have to worry about any third party stealing the information that you have shared. It allows business owners to provide better protection to their customers as well as they can protect the profit they have generated.

More scalability

With the help of Blockchain, technology companies will get better scalability.

  1. There are several servers available that will allow you to check the number of participants that are trying to reach you. You can easily select and connect with the participants that you want.
  2. You will get complete information about the products and services that you are providing. It will help you to find out more about the products and services that are helping you to generate better results as compared to those that still need improvement.
  3. You will be able to take the right decisions for your company that will prove beneficial later in your business.

More room for innovations

The Blockchain technology is a newly introduced technology in the market and it is rapidly evolving. There are chances of more innovations which means that service providers and companies will get a chance to improve their services with the passage of time. With the introducing of the AR and VR technology that is combined with the digital assets, it will be very helpful in the marketing of the products and services you are providing. After sometime Blockchain technology will be everywhere from the management of the supply chain to the delivery of products.

Easy tracking

One of the best things about Blockchain technology is that it provides easy tracking services. in the limited time, you will get the information about all the customers who have visited your platform, the time they have spent and how many of them have invested in the products that you have on your store. It will allow you to generate the entire revenue report for your business. Once you will start tracking your website using the technology it will get easier for you to make the right improvements at the right time.

Target more customers

Companies are fighting against each other only because they want to have more customers as compared to their rivals. However, attracting more customers is not as simple as it seems like. Using Blockchain technology will get easier for the companies to attract more customers. They can provide several payment options. Customers will know that they can buy products using bitcoins or other digital assets that will make it easier for them to manage their budget. The better services you will have the more customers you can easily attract.

Bottom line

No doubt that in the beginning Blockchain technology was only about digital assets and smart contracts but since then it has come a long way. At the rate it is developing there are chances that soon the only technology that will be utilized around the world will be Blockchain technology. All the companies are looking forward to adopting the Blockchain technology because that is the best way they can use to manage their supply chain and provide their customers with some extraordinary services. In case you are not one of those companies, it is better that you start training your employees.  

Sources

http://www.supplychain247.com/article/blockchain_technology_and_the_supply_chain

https://www.linkedin.com/pulse/critical-review-truth-blockchain-harvard-business-feb-robert-mellen

https://www.mckinsey.com/industries/high-tech/our-insights/how-blockchains-could-change-the-world

https://www.logisticsbureau.com/how-blockchain-can-transform-the-supply-chain/

 

Be the first to review this item!


Bookmark this

18 Sep 2018


By Jarod Manning
Advertisement