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HThe concept of blockchain technology was first introduced with the introduction of Bitcoins. It was later adopted by other crypto-currencies across the world such as Ethereum, Dash, and Monero among others.
The idea brings about a form of
accountability that does not require one to trust the system nor the provider
but the product itself. The same case has been applied within the supply field,
and this is speculated to increase
accountability and sales as well. However, first, it is important to understand
what blockchain is and how it functions
exactly.
What
is Block Chain Technology?
As indicated earlier on, the idea
of the blockchain was brought about by
the introduction of Bitcoins, an online form of payment that does not actually
have a physical presence but virtual. It
has become a widely embraced concept with a majority of people running to mine
the limited amount of Bitcoins left.
However, the Bitcoins are not
controlled by any form of government, entity, or organization. They are mined
from pools and any record of them stored on the web using online ledgers that
each Bitcoin miner or person can access through downloading it. It is a system
where the product itself is tracked, and
everyone has a record of it or can access it through a certain access number.
The
link between blockchain technology and
supply chain
In order to understand how these
two are linked, an example of a drug from a pharmacy within a region with bad
weather is best suited. The example entails a person ordering for a drug whilst
it is cold, meaning that the drug that is being brought from the store is
stored in a dry and cold place.
However, one is not certain
whether the transit person will adhere to this and as such, bringing in the blockchain technology, an IoT chip will have to be installed on the drug.
This will mean that the drug will be tracked by the customer or in this case
you at every stage, monitoring the changes in temperature and scanning for any
change in details. One can verify the product at any given stage through
accessing the blockchain ledge which is easily available to anyone who may want
to access it. In the long run, one does not have to trust the pharmacist or the
process as they can look up the details at any given time.
How
the technology helps the supply chain
technology?
Within the same given scenario,
there is a number of ways that the blockchain
will boost the sales of the company by mostly ensuring that there is a new form
of trust that can be implemented. Within this case, the customers can access
details about the state of their products from an online ledger using microchip
sensors such as IOT chips. It will be a form of the smart ledger that auto updates and are
accessible to any person that may want it.
In the long run, it will not only
bring about a much cheaper and effective system of purchasing products but also
make certain that a certain quality of delivery within the sector is achieved.
Looking at how much the Bitcoin network has advanced, to the point that there has even been become a globally recognized
form of payment.
Therefore, with the same
perspective, adopting the effectiveness and authenticity that the blockchain network has within the supply chain
can be a great tool in the realization of efficient services and aspects.
The adoption of the blockchain network within the supply chain can be viewed as a move towards effectiveness. It will most likely boost sales and also increase customer activity, making it a great and effective option to adopt.
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