There are many benefits of blockchain for the supply chain management. Some of them include the following.

1. Why is blockchain synonymous with the future of supply chains?
Supply chains feature many moving pieces, both literally and metaphorically, and they rely on
a dynamic process with many people engaged. While records are increasingly stored digitally,
most tracking and logistical platforms have limited compatibility. Supply chain management
gets streamlined with more robust security and accessibility while giving openness and
visibility when resources are consolidated onto a blockchain.
Why is blockchain the new gamechanger for the supply chain?
Blockchain for the supply chain ensures everyone is on the same page, so remedies can be
developed quickly to lessen the effects of unanticipated disruptions. There are many benefits
of blockchain for the supply chain management. Some of them include the following:
Permanence and traceability
What if a shipment arrived, was stored for several months, and was subsequently opened
only to discover systemic damage to all materials? All parties involved must now review
historical records to determine the source of the damage. The ledger is permanent and
unchangeable when a blockchain is utilized for supply chain management. This gives the
records an intrinsic level of traceability, allowing various parties to retrace the records using
the same source records.
Single Source of Truth
Current supply chain management is frequently a blend of shared shipping information and
internal trackers, all of which update at different frequencies and have varying levels of
accessibility and visibility. This has its own issues, ranging from simple slowness to human
error propagating typos or copy/paste errors. The blockchain, as previously stated, can serve
as a single source of truth for all parties involved. When it comes to ordering, preparing, and
shipping time-sensitive products, a single source of truth guarantees that everyone is on the
same page.

2. Verified Transactions
This single source of truth allows transactions to be verified without needing confirmation
from a third party (such as a bank). The transaction can include visibility and precise payment
conditions, protecting the confidentiality of sensitive data while expediting the process and
offering visibility to all parties involved.
Accuracy
A blockchain for supply chain management creates a single source of truth, reducing the
amount of potential human error. Data must be exported and copied to propagate forward
when several tracking sources are used. This invariably leads to human error — even if it
doesn't, data bottlenecks can be caused by a fault with saving and online transmission. All of
these factors contribute to occurrences that affect accuracy, and if mistakes spread
unchecked, problems can swiftly spiral out of control. All of this is simplified and decreased
when using a blockchain.
Swift Updates
In supply chain management, time is of the essence, and a blockchain can update in near-real
time to guarantee the process works as smoothly as possible. Because the blockchain serves
as a single source of truth, these updates are immediately accessible to all parties involved,
resulting in a more secure and accurate process from beginning to end.
Need more information on how blockchain can be the next U-turn for your business? Contact
Seven Bits.