Well-functioned blockchain

Supply chain management is the process  to organize the flow of goods and services along with the tracking the journey of a product from its origin to its consumption which involves various procedures. Products of any scale and caliber, are utilized by the people to enhance their sustainability. Supply chain of a company or organization makes sure that the product is created and  delivered with proper management. So we can say that supply chain is an important entity that makes the reach of the product to the huge population out there. What happens when such a vital management element of the market amalgamates with the very flexible and revolutionary platform blockchain. Well blockchain technology has that efficiency and versatility that can coordinate with any work of most of the sectors. But the question arises that is it feasible or profitable to combine blockchain for various sectors. Blockchain carries out the business transactions and trading relationships quite effectively along with robustly securing business networks on blockchain network both at small or big scale as well as around the world. Blockchain technology which gives a distributed ledger that is upgraded and validated in real time with each network user. It allows the equivalent visibility of the activities plus it also discloses the state where an asset is at a point, and the whereabouts of it.

The combination of supply chain management and blockchain can lead to few benefits like:

The value that is transacted can also be moved via an expanded supply chain thus making sure that what occurs at each point in the chain can be systematically recorded on blockchain network. Although Supply chains have changed, but companies have not upgraded the underlying technology for managing them over the years. With blockchain, companies can recreate their methodology towards supply chain management at the ecosystem level and go from just a perception to an amalgamated global outlook.

Will blockchain aid the development?