Supply chain and logistics using Blockchain technology
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How supply chain works
on Blockchain
Cryptocurrency
is dominating the Blockchain technology and promises to create a world with
virtual money that is decentralized and free from the control of central
authorities like banks or governments.
The
real-time tracking of a product in a supply chain with the help of blockchain reduces the overall cost of moving items in
a supply chain. Payments can be processed by customers and
suppliers within the supply chain by
using cryptocurrencies rather than customers and suppliers rather than relying
on EDI.
The term
supply chain in the clothing sector refers to the back end of the industry. The
supply chain in the clothing industry is made by connecting:
·
Raw material sources
·
Factories that use these raw materials and create final products
·
Distribution network that delivers these clothes to consumers
Applications of
blockchain
Managing the modern, often
global, supply
chain is a series of intensive processes that require perfect orchestration
between many moving parts and actors. Linking and creating the links to
distribute goods and services looks much more like a web than a chain in our
increasingly “smaller” global world.
17 Uses of Blockchain Applications that are transforming society
·
Asset Management: Trade Processing and Settlement
·
Insurance: Claims processing
·
Payments: Cross-Border Payments
·
Unconventional money lenders/ hard money lending
·
Your car/ smartphone
·
Blockchain Internet-of-Things (IoT)
·
Smart Appliances
·
Supply Chain Sensors
·
Blockchain Healthcare
·
Blockchain music
·
Blockchain Government
·
Public value/ community
·
Vested responsibility
·
Blockchain Identity
·
Passports
·
Birth, wedding, and death certificates
·
Personal Identification
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