Supply chains underpin the Global markets and macroeconomy. Blockbase Consultants provide next-generation solutions for achieving the interoperable exchange of transaction history and information along with transaction statements in compliance with industry standards. Our blockchain supply chain solutions help resolve issues faster, thereby building stronger relationships and trust. We help businesses strengthen their supply chain networks.
Blockchain in supply chain and procurement
Blockchain refers to a revolutionary technology that is expected to become a significant thread in the fabric of B2B transactions worldwide. The implications of blockchain for supply chain supplier management and procurement may be notably significant. It comes with the potential to transform all sorts of digital transactions that include supply chain and procurement. It is a distributed ledger that carries tamper-proof records of digital transactions, thereby ushering in a new era of the supply chain to process efficiency. Ranging from audits to payments to tracking assets and inventory, the technology of blockchain in the supply chain can deliver a new level of transparency and trust, thereby enabling procure to pay process for realizing huge operational advantages.
The trade finance and supply chain Industries face severe challenges. Globalisation has made supply chains significantly more complex, thereby involving multiple players throughout the globe and a great deal of coordination with stakeholders who necessarily do not trust each other. While this is driving up operating costs, and increased regulation happens to be driving the cost of regulatory compliance. Various processes are paper-based, outdated and supply chains greatly suffer from a lack of transparency as data is not readily available. Learn the value of blockchain in the supply chain of today that helps address many of these issues.
The value of blockchain in today's supply chains
In maximum cases, supply chains of today operate at scale without blockchain Technology. This has excited the supply chain and IT worlds. Additionally, it has inspired various articles and prompted notable IT startups and players to initiate promising pilot projects. As maximum professionals know, many supply chains of today have good data which they happen to be capable of transferring across supply chain tires in real-time speed. Here are three areas where our blockchain solutions in the supply chain add value:
- Strengthening traceability: Increasing consumer and regulatory demand for provenance information already is driving change. Apart from that, improving traceability recently adds value by decreasing the high costs of quality issues such as reputational damage, loss of revenue from black or grey market products and recalls. Our blockchain solutions for the supply chain helps simplify a complex supply base, thereby offering further value creation opportunities.
- Replacing manual and slow processes: All the supply chains presently can handle complex and large data sets, however, many of their procedures, particularly those within the lower supply tires, remain low and depend entirely on paper, like in the shipping industry. Blockbase solutions can help replace those slow and manual processes.
- Reducing supply chain IT transaction costs: This effect can be referred to as more theoretical than actual. Bitcoin validates every block of the transaction by paying people and demands people who propose a new block for including a fee in their proposal. Such an expense would be expected to be prohibitive within the supply chain as it happens to be staggering. The solutions provided by our professionals help reduce supplies and transaction costs by utilising blockchain technology.
Enhanced supply chain process tracking and transparency
Being one of the top use cases for the technology of blockchain, supply chain traceability happens to be replacing the traditional processes with distributed ledger technology, thereby increasing trade volume. Our blockchain solutions provide the ability to trace any digital or physical product throughout the life cycle with distributed ledger technology. It comes with the potential to expand the ethical and sustainable production and consumption of any good on a global scale.
Blockchain enables efficient licensing and ownership, thereby verifying past ownership through standardized licensing procedures remaining vital for various industries. Apart from that, it can be leveraged to accurately license software, products and services through the utilisation of automated smart contract payments. Providing consensus ensures that there remains no dispute within the supply chain regarding transactions by design. Each entity on the supply chain has an identical version of the ledger, thereby providing the unique potential to trace ownership records for assets.
Why choose Blockbase Consultants for Supply Chain Solutions?
Consumers and businesses look for brands guarantee authenticity, and supply chain participants demand responsible sourcing and better visibility for minimising disputes. Our solutions help supply chain partners share trusted data through permission blockchain solutions. Our professionals investigate how supply chain leaders are utilising data to handle the descriptions of today by reporting the utilisation of blockchain for helping in the future.
- Building a resilient supply chain: Unexpected events can lead to a cascading array of supply chain disruptions. Our blockchain in supply chain solutions utilises smart contracts that automatically help trigger when predefined business conditions are met. This provides real-time visibility into operations along with the ability to take action prior to any exceptions.
- Enhanced supply chain transparency: Supply chain networks can signify to be restricted by one up, one down visibility. With the help of distributed ledger technology that offers a single shared version of the truth, our supply chain solutions provide the permissioned participants with greater visibility throughout all supply chain activities.
- Streamlined supplier onboarding: New supplier onboarding can be time-consuming and manual for both sellers and buyers within the supply chain. Our supply chain solutions can speed this procedure through an immutable and tamper-proof record of new vendor details that business network participants easily can trust.
- Reduces transaction fees and automated settlement: The contract terms executed with the help of a smart contract eliminates the requirement for correspondents and additional transaction fees. Apart from that, regulators are offered a real-time view of essential documents for assisting in enforcement and other activities.
In the supply chain world, it requires more than an innovative idea to achieve success in the blockchain. Our blockchain services utilise outcome-driven network design principles for enabling your business transformation. Connect with our blockchain professionals to discuss your business needs. Our experienced consulting team can assist you in understanding what blockchain could mean to your business in the future, and how you can prepare to take advantage of superior technologies for becoming the strategic leader within the enterprise.