What is a blockchain in supply chain management?
Blockchain is presently one of the notable innovative advancements that are transforming the face of digital supply chain management. The growing complexity of supply chains, along with a rising number of external intermediaries and different stakeholders, is one of the prominent concerns in supply chain management. So, the applications of blockchain in supply chain management have the potential to streamline the exchange of data, communication, and documents in the supply chain landscape. However, blockchain is a comparatively new technology that emerged almost over a decade ago for supporting Bitcoin transactions. Will it be reasonable to implement blockchain solutions for supply chain management? So, let us dive into the following discussion to find out the significance of blockchain in supply chain management. Potential of Blockchain for Supply Chain Management Applications One of the first questions that come forward when thinking of applying blockchain in supply chain management relates to feasibility of the same. It is important to understand how blockchain is suitable for supply chain operations before moving towards the applications. The distinct features of blockchain show how it can be a suitable instrument in transforming supply chain management.
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