Using blockchain to drive supply chain transparency

Blockchain supply chain management is the use of blockchain technology to improve and streamline the supply chain process. The supply chain refers to the sequence of activities involved in the production and distribution of a product, from the sourcing of raw materials to the delivery of the finished product to the end consumer.

Blockchain technology provides a decentralized, secure, and transparent platform for recording and tracking every transaction that occurs in the supply chain. By using a distributed ledger system, blockchain enables all parties in the supply chain to have access to the same information, which reduces the risk of fraud, errors, and delays.

In a blockchain-based supply chain system, each transaction is recorded in a block and verified by multiple nodes in the network. Once verified, the block is added to the chain, forming a permanent record of the transaction that cannot be altered. This creates an auditable trail of the entire supply chain process, from the origin of the raw materials to the final delivery of the product.

Blockchain can also enable smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This feature can automate and enforce business rules and contracts between parties, reducing the need for intermediaries and manual processes.

Overall, blockchain supply chain management can improve transparency, traceability, and accountability in the supply chain, enabling stakeholders to easily track the movement of goods and identify any issues or bottlenecks. This can help to improve efficiency, reduce waste, and increase sustainability by enabling better management of resources.