Blockchain technology has become a valuable ally for supply chains, providing efficiency and reliability to the world of logistics in general, as it is a platform that generates and maintains a public and easily accessible database. Within this platform, users can accurately track all economic transactions, similar to a physical ledger.
The high level of effectiveness offered by blockchain represents a great opportunity for companies engaged in logistics. This is due to its transparency, its unalterable nature and its independence of agencies, which makes it an extremely reliable network for operations related to supply chains.
How does blockchain work in supply chains?
The blockchain in supply chains acts as a digital and transparent ledger that records all stages and transactions throughout the process. Every time a product moves from one point to another, it is recorded on the blockchain, creating a history of its journey.
This information may include details such as location, time, participants, and product conditions. By allowing all participants in the chain to access and verify these records, transparency, traceability and confidence in the authenticity and quality of products are improved.
In addition, being decentralized and secure, it reduces the risks of fraud, theft and counterfeiting while streamlining processes and simplifying collaboration between the different actors involved in the chain.
Driving efficiency in supply chains
Blockchain is a key driver of efficiency in supply chains, as it significantly improves the management of operations because it provides a record of all transactions made in the chain that can be followed by both companies and corresponding government institutions in order to ensure the fulfillment of the tasks and, Incidentally, eliminate certain bureaucracy that can sometimes hinder some logistics operations.
The benefits of the correct implementation of this technology in the logistics sector translate into a considerable decrease in delivery times due to the elimination of intermediaries in transactions, a lower percentage of human errors and the indisputable reduction of operating costs after the end of each fiscal year.
Who benefits from blockchain implementation?
Consumers will certainly be the main beneficiaries when implementing blockchain in the supply chain because it will streamline their requirements and reduce response time, since both they and carriers will have access to relevant information about the service.
In addition, the implementation of blockchain also benefits companies, logistics service providers and regulatory authorities by providing them with greater transparency, efficiency, trust and security in the products and services offered.
While the opportunities offered by blockchain in supply chains promise to revolutionize the industry, security against any risk during your operations should always be considered. Therefore, at Onus Insurance we have the best experts who will know how to advise you with the aim of safeguarding the well-being of your goods.
Sources:
Cómo Blockchain mejorará radicalmente la cadena de suministro. Bsmart
Blockchain: revolucionando la cadena de suministro. The Logistics World
Tecnología Blockchain y gestión de la cadena de suministro. OpenMind BBVA
