- Blockchain technology is enhancing transparency and traceability in supply chain management.
- Smart contracts are automating processes and reducing the need for intermediaries.
- Integration of Internet of Things (IoT) devices is enabling real-time tracking and monitoring of goods.
Enhanced Transparency and Traceability
Blockchain's decentralized and immutable nature allows for transparent and traceable transactions throughout the supply chain. This helps in verifying the authenticity and origin of products, reducing the risk of counterfeiting and fraud.
Smart Contracts Automation
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automate processes such as payments, compliance, and quality control, reducing the need for intermediaries and streamlining operations.
Integration of IoT Devices
The integration of IoT devices, such as sensors and RFID tags, with blockchain technology enables real-time tracking and monitoring of goods. This provides valuable data on the location, condition, and handling of products, leading to improved efficiency and reduced wastage in the supply chain.