Blockchain technology has transformed the business world through its ability to create a secure and transparent network, blockchain plays a vital role in supply chain management.
Blockchain technology is distributed database of records of all the transactions that have been executed and shared among participants in the blockchain network. Transaction on blockchain is verified by consensus. And entered information cannot be deleted or erased. It is a decentralized system means it is not controlled by any central authority or it does not require third party to record transactions.
Blockchain in Supply Chain Management
Blockchain in the financial world provides digital continuity. In supply chain most exchanges bring together different parties that have no reason to trust one another. Blockchain plays an important role in supply chain management where transparency and trust between different parties are crucial components, it can help eliminate error-prone transactions and helps in creating a digital identity.
How Blockchain is Transforming Supply Chain
Blockchain provides the tracing of products from their origin to their destination it will reduce the risk of fraud. This provides transparency and allows users to track products and monitor performance in real-time. This can improve trust between parties within the supply chain. By automating supply chain process, blockchain technology can increase efficiency. Blockchain makes supply chain more efficient by allowing companies to complete transactions directly without third parties.
Blockchain technology helps in reducing the cost across the entire supply chain by eliminating third parties. Through blockchain companies can reduce administrative overheads.
Blockchain technology provides security to the users as it is based on cryptography. Data stored on a blockchain can be permanently secured. This makes it impossible for hackers to tamper with data on blockchain.
With the help of blockchain consumers can learn everything they need to know about the product. By making the order tracking process transparent blockchain plays a significant role in improving customer experience.
Top 10 Blockchain Projects Transforming Supply Chain
VeChain is a smart contract platform that focuses on supply chain management. It is a multipurpose blockchain for improving business operations and product tracking. VeChain provides information about storage, transportation and supply from manufacture to delivery. The platform uses two tokens VET and VTHO to manage and create value based on its VeChainTHOR public blockchain. VET generates VTHO and acts as the store of value and value transfer medium.
dKargo uses blockchain technology to solve trust issues among participants in the logistics industry and establish an efficient logistics network. It provides a web3 logistics service.dKargo is providing a form of logistics service enabling various players to participate in the platform which was previously impossible. For example, not only traditional logistics service providers like courier companies but also motorcycle carriers, users of public transportation , and individuals can participate.
OriginTrail enables data sharing along any supply chain. Blockchain-supported platform helps companies exchange relevant data seamlessly and in a secure way to build accountability, protect their brands and increase efficiencies.
- LTO Network
LTO Network is a hybrid blockchain project for securing, verifying and exchanging enterprise information. Organizations can access and execute transactions, trade information, structure supply chain,delegate data processing concurrently in a trustless manner. The LTO Network is known to provide quality assistance to its users. Some of them include the facilitation and regulation of transaction processes ,information exchange between organizations, business supply chain creation and the transfer of data to third parties securely.
Waltonchain proposes the concept of Value Internet of Things based on blockchain technology. Waltonchain aims to direct humans into a reliable digital life utilizing blockchain technology.The Waltonchain technology creates sub-chains around the parent chains . Traders can create custom-made child chains to monitor all commodities logistics,production, warehousing, and retail movements.
- bloXmove Token
bloXmove is a software platform designed and built to provide a common infrastructure around which mobility services can be managed, operated and financially settled. The aim of this platform is to establish an open mobility ecosystem that empowers users to access more integrated and transparent mobility services around the world.
CargoX is adding value to global trade operations by linking supply chain participants and giving them the tool for quickly achieving a competitive edge to boost their profitability. It provides confidential transmission of original electronic trade documents in an unbreakable, trustworthy digital environment on the blockchain.
TE-FOOD is a blockchain-based farm-to-table food traceability solution. Its mission is to provide transparency in the food industry. It aims to enable customers to improve customer trust and brand exposure, gain deeper supply chain insight to improve their operational efficiency, comply with export regulations, protect their brand against counterfeiting and perform quicker product recalls.TE-FOOD offers many components for complete supply chain to identify tracked items and batches, capture the data, store it on blockchain, process the data and present it to the customers.
Wabi platform connects brands and consumers enabling a seamless, fair and confidential exchange of value and information. The ecosystem aims to make the marketing channel an efficient place for participant brands.Using Webi ecosystem, consumers can utilize several tools to better consumer choices.
IOTA is an open-source cryptocurrency designed for the Internet of Things .it uses a directed acyclic graph to store transactions on ledger. In IOTA no new coins can be created. All the coins that are in the system were created in the genesis transactions. There are no incentives for mining blocks as there are no blocks, nodes just mine the transactions, and a nonce must be found to get their transaction included in the ledger.
Blockchain technology plays a vital role in ongoing digital transformation. It can strengthen the supply chain by offering origin tracking and enhancing transparency. Supply chain faces many challenges that can be easily achieved with blockchain projects.