Blockchain Solutions For Supply Chain

1. In the recent scenario, the term Blockchain looks very close to the Enterprises, as it has revolutionized the business verticals in a drifted way to the next level of business in a digitalized platform. Let us have look at blockchain in the supply chain Blockchain technology works with the shared distributed ledger technology, where all the nodes are interconnected to one another. Blockchain helps in establishing the peer-to-peer network for direct transactions eliminating the third party control. It has a distributed and immutable record of transactions that are shared among the parties involved. This provides enhanced trust and avoids redundancy, third party interventions. There are various types of Blockchain, where public blockchain are used for Bitcoin, it is open-source, were anonymous to all. But in Private blockchain it is permissioned, delicately designed for the Enterprise business, it eliminates unauthorized entity entering the Blockchain network. The private blockchain is used for supply chain industries to increase the efficiency in handling goods and services, transparency in tracking orders, and enhanced trust among the stakeholders. Security and privacy are two significant factors for enterprises. The blockchain has three important features like decentralization,immutable, and transparency. where all the data encrypted as blocks connected to the previous and successive blocks. no one can enter the chain and tamper with the data stored on the blocks as it is immutable. Each transaction is stored on this distributed ledger where all the transactions are shared among the retailers take part in the organization and able to view their transactional details and constraint to certain limits(controlling access to data and assets). They can access the required details using the public keys assigned to them on the blockchain platform. The blockchain allows direct peer to peer transactions among the suppliers and retailers. It allows retailers to track their orders, quality of the product ordered, and payments can be done easily without any delay. The Blockchain provides efficiency in handling the user's requests without delay. The Supply chain is a tedious process it has more involvement of humans where it leads to malicious activities in the business process. Blockchain eliminates human involvement in the business process with the help of smart contracts. The Smart contracts are the self-executing program codes, it is precisely defined publicly among the parties involved in the transactions. The Smart contracts help in triggering the functions in the blockchain when prescribed conditions are met, for example, if retailers order goods it calculates the amount and navigates to the payment options without any human involvement. The smart contracts are used for calculating the stocks and goods ordered, tracking the order delivery, payment verifications, etc. In case of any hazardous, it informs the warehouse authorities without any delay and initiates the insurance and claim process in bottleneck situations. The Customized blockchain can be designed according to the business requirements. Blockchain helps in automating your entire business process in a digitalized platform with highly secured encryptions. the blockchain helps in driving the trust and enhancement among the business owners and users with higher transparency. Blockchain helps the industry in various ways like increase trust, transparency, costs, efficiency in handling user requests, and eliminates third-party authentications like Banks, and human involvement which is prone to disputes. There are various industries adopting blockchain technology for their business enhancement and to have blockchain as a driving force for business advancement in this digitalized world. There are Enterprise Blockchain Solutions available for industries like Banks, Insurance, Healthcare, Education, E-commerce, FMCG, Voting, and Gaming, etc Blockchain as the driving force behind these industries, which helps them to reach their business goals and sustain in this digitalized era.