Adopting Blockchain Technology to Streamline Supply Chain Management

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The use of blockchain technology in supply chain management is making huge waves in this era of globalization.

Managing a product supply on blockchain technology offers some distinct benefits.

Offering visibility into a supply chain using blockchain is a great way to inspire customer confidence.

This newfound confidence in supply chain transparency has informed a growing trend among businesses to make use of blockchain technology to offer customers more transparent information into the source of their goods.

A small operator in Denver known as Coda Coffee recently announced its offer of what it refers to as "The world's first blockchain-traced coffee." Big companies like Starbucks, Cargill Inc., and Maersk are also reportedly making use of the technology for goods tracking through the supply chain.

Many traders understand the importance of transparency when it comes to supply chain management.

"Many larger producers do not want to reveal provenance of their goods for fear of losing a competitive advantage. Blockchain allows information to be transferred in a trustworthy and anonymous way, essentially providing a trust network that allows information to cascade down the chain from raw material onwards, without revealing who people are."

Blockchain technology can alter brand perception and create a much better reputation.

Using blockchain technology makes it possible for all stakeholders within an industry to access the information they need.

The use of blockchain technology to manage a product supply chain is a superior way to create a stronger bottom line.