Last but not least in this brief list of standing-out blockchain applications in IoT are solutions for optimizing supply chain and logistics processes. One of the world-renowned logistics companies, Maersk, recently announced a collaboration with IBM to work on the TradeLens project — a global open-source blockchain-based platform that can track shipments in real time.
It is worth noting that despite the numerous artificial intelligence-based solutions that have expanded the logistics industry in the past few years, manufacturers of goods still suffer losses due to non-compliance with transportation conditions, substitution of counterfeit original goods, delays on flights, returns, etc.
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The technology in the IT sector is rapidly growing with everything in the world moving online to make users life easy with it. This development in technology has allowed critical industries to also move online with technologies like blockchain, Artificial intelligence, Cloud Computing, Big Data Service, etc.
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Blockchain technology could be use to the supply chain as it has the power to change the whole supply chain, industries, and ecosystems by tracking deadline, avoiding costly delays and the handling of manual paperwork. Read the case study for more information.
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Since ancient times, the courier service has been very much associated with transportation needs. With the growth of transport, the freight service also had its new dimensions, and now, with internet and technicalities, a logistics app has increased. These logistics services apps developed by INORU ensure credibility and performance. As it takes care and coordinates with the entire process of transporting and delivering the courier service, the compatibility is tested. INORU ensures to provide utmost customization option to the entrepreneurs in developing their Logistics service app. If suppose you are an entrepreneur who wants to launch a logistics service app for courier and transportation facilities. In that case, INORU is right here to develop a white label solution with advanced and improved features to your app.
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Supply chain optimization makes the best use of data analytics to find an optimal combination of factories and distribution centres to match supply and demand.
Because of the current surge in shipping costs, companies start to challenge their current footprint to adapt to the post-covid “New Normal”.
In this article, we will present a simple methodology using Linear Programming for Supply Chain Optimization considering
Should we keep outsourcing with shipping costs that have tripled in the last 12 months?
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Blockchain diminishes the existing hindrance in supply chain management
In this modern business world, supply chain management plays an imperative role by allowing businesses to achieve efficiency, success, and responsiveness. Over the decade, the scale of businesses has expanded widely, many geographic locales involved in the production process have grown tremendously, and product portfolios have increased.
As a result, the supply chain has grown from a conventional network of manufacturers and suppliers to a vast ecosystem with multiple stakeholders involved in moving products from one region to another.
Now let us scrutinize the existing challenges that pull down the efficiency of supply chain management.
The demand for product visibility and end-to-end traceability has become higher. Also, the inefficiency of data sharing in existing supply chains has dramatically impacted the operations of retailers and manufacturers.
The outdated supply chain struggles to improve demand management because they lack in providing real-time data, which eventually creates a complex scenario for manufacturers.
Furthermore, the old technology of today’s supply chain fails to render adequate risk management, reduce costs, or meet quickly changing market requirements.
Blockchain eradicates the hurdles in the existing supply chain:
The integration of blockchain technology can significantly eliminate the above-mentioned problems in the supply chain. Blockchain technology empowers the supply chain with improved efficiency, and transparency, and reduced transactional time and cost.
Here are the ways blockchain technology benefits the supply chain:
Improved end-to-end traceability:
With the adoption of blockchain, traceability within the supply chain network is immensely improved. A blockchain-enabled supply chain can automatically record the data of the item in real-time. The information stored in the ledger is complete, accurate, and easy to access, from the product’s source to the customer.
This kind of advanced traceability gives stakeholders and end customers more confidence in the authenticity and quality of goods.
The main advantage of blockchain is that it provides reliable identity management in the supply chain, enabling all participants to know who is performing what actions, where and at what time.
This information is recorded in the distributed ledgers that involved and authorized stakeholders can easily access.
Therefore, a blockchain provides transparency and a complete inventory of product flow that helps businesses to make better forecasts and decisions. Additionally, transparency serves as a powerful tool for eliminating counterfeit.
In a blockchain-based supply chain, the transactions are recorded based on peer-to-peer interaction that the associated digital signatures can trust.
Data such as product collection of time, location, and other information are recorded in the ledger. All data are synchronized and accessed by all the stakeholders in real-time, which enhances trust among various participants within the supply chain network.
As stated above, blockchain shows the significant capacity to benefit the existing supply chain. We believe it delivers an efficient, transparent, and collaborative network for businesses to quickly secure shared data across a variety of supply chain sectors and processes.
Apparently, Supply Chain Software Development Company allow your businesses to build a more flexible and reliable supply chain process and robustly address new external and internal hindrances.
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