When it comes to logistics, transparency and traceability are crucial. Blockchain is one of the latest buzz words in the world of supply chain, and it’s a word that has become synonymous with both transparency and traceability.
But what does blockchain mean and what’s it all about? Keep on reading to learn find out!
Blockchain for Beginners – 3PL Warehousing
In supply chain, the term blockchain refers to a list of records (blocks) that are connected to digital currency, such as cryptocurrency. Essentially, a blockchain is a digital ledger that serves as a central space where all documents related to the shipment of goods can be stored. This information can be easily accessed and inspected by users, and new information can be added to it; however, once information is added to the blockchain, it cannot be changed or deleted. This ensures the complete security of the data within the digital ledger.
Blockchain technology is used to improve the visibility of tracking shipments. It can be used to keep better tabs on all products; however, it is particularly useful for drugs and food. That’s because the guidelines for tracking drugs and food are becoming increasingly stringent. Furthermore, a lot of businesses are making use of blockchain technology as a way to reduce costs.
The Benefits of Blockchain
The use of blockchain offers many benefits, some of the most notable of which include:
- Greater transparency. With blockchain technology, the complete lifecycle of a product can be tracked, from where it originated from to where it is delivered. Greater transparency allows for greater trust within the supply chain.
- Better scalability. Anyone can access the data in the blockchain and add to it, no matter where they are located, allowing businesses to become truly global.
- Improved security. Since the data cannot be altered or deleted, all information held in the blockchain is completely secure.
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