The supply chain encompasses a large number of actors involved in the distribution and marketing of each product. Producers, intermediaries and final distributors are responsible for ensuring that the product reaches the final consumer, and this involves handling large amounts of information that is sometimes difficult to share.
In order to facilitate this task, the blockchain provides a tool to make this data accessible to all parties in a transparent and secure way, with all the advantages that this entails. But what exactly are the options it offers to the sector?
Blockchain applications in the supply chain
In an activity in which the quality of the products that reach the end consumer depends and which affects a wide range of sectors, such as pharmaceuticals and food, having a reliable record of data is essential. It enables problems to be detected, liability to be established if necessary, and even the origin of the product to be verified. These are some of its uses:
Accesibility of information
In a sector in which many independent companies are involved, it is advisable for all of them to have access to the same up-to-date information. The blockchain provides the space to have this record and thus optimise processes that could be much more complex.
Product quality controls
One example is the detection of contaminated food which, without these controls, would end up reaching the end consumer. The blockchain makes it necessary for all parties in the network to verify the transaction, making it much less likely that such a problem will occur.
Verification of provenance
The traceability provided by the blockchain makes it possible to confirm the provenance of the product. This transparency makes it possible to establish responsibility whenever necessary, but it also makes it easier, for example, to confirm the designation of origin of certain products.
The blockchain makes certain processes much more efficient by eliminating intermediaries, thus reducing costs and avoiding losses. The latter should be considered when working with perishable products, such as foodstuffs.
More secure transactions
The use of smart contracts makes any operation more secure, thus favouring transactions with the different companies that make up the chain.
Do you want to know more about all the applications that blockchain has in the supply chain?
Would you like to discover all the possibilities that blockchain offers to the supply chain?
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