Benefits of Blockchain for Supply Chain
ENHANCED EFFICIENCY -Supply chains contain complex networks of suppliers, manufacturers, distributors, retailers, auditors, and consumers. -A blockchain’s shared IT infrastructure would streamline workflows for all parties, no matter the size of the business network. -A shared infrastructure would provide auditors with greater visibility into participants’ activities along the value chain.
COST-SAVING Traceability -Improves operational efficiency by mapping and visualizing enterprise supply chains. -A growing number of consumers demand sourcing information about the products they buy. -Blockchain helps organizations understand their supply chain and engage consumers with real, verifiable, and immutable data Transparency -Builds trust by capturing key data points, such as certifications and claims, and then provides open access to this data publicly. -Once registered on the Ethereum blockchain, it’s authenticity can be verified by third-party attestors. -The information can be updated and validated in real-time Tradability -Using blockchain, one may “tokenize” an asset by splitting an object into shares that digitally represent ownership. -This fractional ownership allows tokens to represent the value of a shareholder’s stake of a given object. -These tokens are tradeable, and users can transfer ownership without the physical asset changing hands
Counterfeit consumer goods account for nearly 188 billion dollars of lost revenue regarding prescription drugs alone.
REDUCING COUNTERFEITS
Documentation counterfeiting and fraud are also common among diplomas, certifications, and official identification.
It can also coordinate record-keeping immutably, which prevents counterfeiting or fraud.
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