How Blockchain Technology is Used in Supply Chain Management?

8. By digitizing and automating the exchange of financial documents and assets, blockchain reduces the risk and costs of traditional financing. It Improves liquidity and cash flow for businesses.

9. Smart contracts can automate inventory tracking and trigger notifications or actions when predefined conditions are met, such as low stock levels or expiration dates approaching.

10. Blockchain enables secure and permissioned data sharing among supply chain partners while preserving data privacy and confidentiality.

11. Authorisation of data handling strengthen the whole supply chain system secure and safe. Specific stakeholders according to their job responsibly can access the specific data.

12. Blockchain can assign a unique digital identifier for each product. Throughout the supply chain, stakeholders can verify the authenticity of products by accessing that unique digital identifier in blockchain ledger.

13. Regulatory compliance can be monitored anytime by tracking real-time data of inventory movement, transparent data of each and every monetary transactions recorded in blockchain ledgers.

14. Blockchain-based inventory management systems can facilitate supply chain financing by providing a transparent and secure platform for inventory-backed financing transactions.

15.For funding the supply chain business, Banks and financial institutions can use inventory data recorded on the blockchain as collateral for loans or trade finance, improving access to capital for businesses and reducing financing costs.