Bitcoin initially made many question its intentions and reliability when it came first. But gradually Bitcoin earned more attention for not just being a secure digi-cash transfer platform, but also a platform for secured transactions of other forms.
Use of blockchain in supply chain management
The concept only is potent enough to eradicate most of the chances of fraud and corruption in a supply chain. One of the major challenges in managing a supply chain is the tracking of paperwork. More than the physical tracking of the goods, the tracking of the paperwork and permit associated with the goods, circulating nationally or internationally, is far more challenging, absorbing, and tiring, demanding absolute accuracy, and brings in millions of opportunities for opportunists to try fraud, change or smuggle items etc. Hence, mostly the goods are vulnerable to damage and changes, while the vessels transferring goods may be stopped and delayed at places due to the red tape knot.
This can be controlled in a quite organized way and easily with the use of blockchain technology. When the vital documents, bill of laden, permits etc, all are uploaded to blockchain accounts, then transactions and smart contracts based on the technology, makes every step highly secure and monitored. As a result the freight management, supply chain management, all gets simplified.
The success of blockchain integration in Walmart
Already the business giant Walmart have started implementing blockchain based quality inspections and replacement of expired food stuff with fresh ones. The technology they are using is pretty simple. Using only one bill or document they are recording all data of a food produce to track it’s origin, supply date and details, person in charge of monitoring, updated reports, sale date, sold to whom, and feedback etc. The program has given them immense success in tracking down every details, which could have been full of flaws if done manually.
Businesses using blockchain based data management
In the same way many businesses around the world started realizing the big role of blockchain based data management, which can give them headache free, organized, and highly secure data maintenance, tracking, and record keeping facilities. Now, there are many blockchain platforms available with several names, and their job is not all about cryptocurrencies, but rather about creating and maintaining records and other critical data and smart contracts for businesses. A revolution in cloud data management has come with blockchain, which will soon take over the whole world.