In order to improve the process control of supply chain, Hairball Technology believes that modern professional applications must be implemented. Blockchain technology has become a necessary part of today's competitive environment. For the company, it should invest in blockchain technology to quickly respond to the changing market conditions and needs in today's dynamic business environment.
According to a paper published by MDPI, blockchain solves the two main problems of traceability and irreversibility of transactions in the supply chain, which can effectively improve the transparency of the supply chain. Transparency, as a point that all stakeholders in the supply chain attach importance to, can ensure that product information can be viewed and obtained in time, which will lead to corresponding losses caused by information delay.
the transparency of the supply chain is mainly based on information about the movement of products along the supply chain. If the company wants to maintain the ability of active communication with stakeholders in order to gain the right of visibility and traceability of supply chain operation, it can ensure the visibility and accessibility of information about products, services, financing and information flowing from manufacturers to customers.
In the above way, the feedback from stakeholders can be included in the blockchain to improve the performance capability of the supply chain. In addition, the history of products can be tracked throughout the supply chain, and pictures of current activities can be clearly displayed. Companies can reduce the uncertainty of the open market by clarifying their core values, so as to face environmental or social problems through transparency.
Many stakeholders have high hopes for blockchain, because it has the capabilities of real-time information sharing, security, tamper resistance and transparency. Blockchain can improve the transparency of supply chain with workload proof and distributed database structure, and at the same time use real-time distributed data to enable stakeholders to identify data related to product quality, location, transactions and procedures.
these capabilities of blockchain make product tracking possible, allow comprehensive product verification and product authorization during the whole transaction process, and provide end-to-end audit according to the authority of the whole organization. Blockchain reduces the opportunistic behaviors of trading partners in information tampering, corruption and fraud.
therefore, blockchain provides transparency for transactions between trading partners, thus increasing trust, and blockchain strengthens the relationship among suppliers, customers, outsourcing, 3PL and subcontractors by developing effective strategic planning tools, making the supply chain more efficient and transparent.
blockchain technology can help build trust and reputation by bringing transparency to the supply chain. Large-scale blockchain solutions can completely redesign the reputation management of the entire network and detect fraud. Blockchain provides a solid foundation for the unification of views and the ability to achieve higher transparency. It is obviously more efficient and transparent to establish a decentralized supply chain based on blockchain technology instead of a centralized supply chain in the supply chain.
With the wide distribution of supply, the risk of conflict, mismatch and inconsistency in the traditional supply chain increases. Blockchain can allow better tracking and reporting, improve transparency in supply chain processes, and thus improve delivery schedules. For example, GPS-based vehicle tracking equipment can be used with blockchain to provide data that cannot be covered and tampered with. When it comes to logistics vehicle tracking, it can reduce costs and improve efficiency.
The contemporary supply chain is more complex, dynamic and uncertain than before because it involves many departments. Therefore, creating a flexible supply chain is the key to achieve sustainable competitive advantage. A flexible supply chain can improve the delivery process and quickly deliver products to the required market.
business transactions are becoming more and more unstable and global. When the company can effectively respond to and adapt to the interruption and demand change of competitors in the whole supply chain to meet the needs of customers, it realizes flexibility and enhances the competitiveness of the company.
rapid economic and technological development requires increasing flexibility in internal (marketing and manufacturing) and external (supply and distribution) supply chains. Companies with flexible supply chains can respond more quickly under uncertain conditions and provide the company with the ability to display products and services quickly and effectively.
in the globalized world, competition has extended to the whole supply chain, not just companies. Therefore, supply chain members need to reorganize themselves and balance the organization's responsiveness to market changes by increasing flexibility.
in today's economic environment, companies outsource some business processes to ensure the flexibility of the supply chain, which usually leads to the loss of control and visibility of various logistics operations. Because of the visibility of digital technology and integrated transportation and logistics system, it will be realized at all stages of goods delivery from manufacturer to end user. Companies need to enjoy information directly so that it can be quickly applied to every company in the supply chain, thus improving the flexibility of the supply chain.
so this requires different information to ensure that the chain can run as a whole. Therefore, the information transferred from one organ to another should be helpful and can be used elsewhere in the chain.
blockchain technology provides services to customers by facilitating the tracking and tracing of all stages of order production to delivery and rapid adjustment. The application brought by blockchain technology can only be realized at specific contact points in the network if the relevant parties accept it, thus controlling the data security of all supply chain transactions.
blockchain can improve the visibility of supply chain and realize real-time data sharing on the network. Therefore, blockchain can support supply chain flexibility strategy by reducing the number of stakeholders affected by interruption.
At the same time, the blockchain can quickly integrate all the uplink processes, improve forecasting and management requirements, and thus realize more realistic supply and inventory management.
blockchain technology has become one of the most common concepts today. With digitalization becoming a common phenomenon, we have begun to digitize our assets.
Blockchain can improve the transparency and flexibility of the supply chain, thus serving as an effective tool to build trust in the supply chain. However, Maoqiu Technology also believes that the real realization of blockchain in the application of supply chain can not be separated from mutual trust among enterprises, so as to form an effective knowledge base, improve mutual cooperation ability and improve the operation efficiency of supply chain.