HThe concept of blockchain technology was first introduced with the introduction of Bitcoins. It was later adopted by other crypto-currencies across the world such as Ethereum, Dash, and Monero among others.
The idea brings about a form of accountability that does not require one to trust the system nor the provider but the product itself. The same case has been applied within the supply field, and this is speculated to increase accountability and sales as well. However, first, it is important to understand what blockchain is and how it functions exactly.
What is Block Chain Technology?
As indicated earlier on, the idea of the blockchain was brought about by the introduction of Bitcoins, an online form of payment that does not actually have a physical presence but virtual. It has become a widely embraced concept with a majority of people running to mine the limited amount of Bitcoins left.
However, the Bitcoins are not controlled by any form of government, entity, or organization. They are mined from pools and any record of them stored on the web using online ledgers that each Bitcoin miner or person can access through downloading it. It is a system where the product itself is tracked, and everyone has a record of it or can access it through a certain access number.
The link between blockchain technology and supply chain
In order to understand how these two are linked, an example of a drug from a pharmacy within a region with bad weather is best suited. The example entails a person ordering for a drug whilst it is cold, meaning that the drug that is being brought from the store is stored in a dry and cold place.
However, one is not certain whether the transit person will adhere to this and as such, bringing in the blockchain technology, an IoT chip will have to be installed on the drug. This will mean that the drug will be tracked by the customer or in this case you at every stage, monitoring the changes in temperature and scanning for any change in details. One can verify the product at any given stage through accessing the blockchain ledge which is easily available to anyone who may want to access it. In the long run, one does not have to trust the pharmacist or the process as they can look up the details at any given time.
How the technology helps the supply chain technology?
Within the same given scenario, there is a number of ways that the blockchain will boost the sales of the company by mostly ensuring that there is a new form of trust that can be implemented. Within this case, the customers can access details about the state of their products from an online ledger using microchip sensors such as IOT chips. It will be a form of the smart ledger that auto updates and are accessible to any person that may want it.
In the long run, it will not only bring about a much cheaper and effective system of purchasing products but also make certain that a certain quality of delivery within the sector is achieved. Looking at how much the Bitcoin network has advanced, to the point that there has even been become a globally recognized form of payment.
Therefore, with the same perspective, adopting the effectiveness and authenticity that the blockchain network has within the supply chain can be a great tool in the realization of efficient services and aspects.
The adoption of the blockchain network within the supply chain can be viewed as a move towards effectiveness. It will most likely boost sales and also increase customer activity, making it a great and effective option to adopt.
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