Ultimate Guide to Implementing Block Chain Technology in your Supply Chain
- April 8, 2017
- Posted by: Upinder Singh
- Category: Block Chain, Supply Chain
Block chain is the latest “in thing” in the world of business and technology. It has struck a chord with the who’s who of the IT world. Most of the Businesses are now understanding the importance of this pioneering technology and the supply chain industry is slowly and steadily catching up with this technology. They are considering this latest technology as their stairway to immense success. They could not be blamed for harbouring these expectations and thoughts because block chain has the capability to give wings to any business or any sector. Block chain technology can take any business to great heights if implemented properly. There are certain examples of the companies that have received immense success after the implementation of block chain technology. The impact of this technology is so high that more and more people are laying their trust on it. With each passing day, new block chain trends and innovations are getting introduced to the business and IT world. People have well received this latest technology. But, there are a few who still are unfazed with the glory of the block chain. Read further to get a deeper knowledge about this latest technology.
Understand what block chain is and how to implement this superb technology in your supply chain to garner biggest benefits.
If you are active in the IT world, you probably would have heard about block chain companies, block chain expert, etc. Who are they? What do they actually do? Let me tell you, but, before that let’s understand the basics about block chain.
Block chain is basically a distributed data base that is responsible for collecting the blocks, i.e. the ordered records. The block contains the information like financial transactions and many non- currency related information too. The information that once gets into the block chain is permanent; it cannot be altered or removed. Details stored in block chain are absolutely temper-free and this is where the strength of this technology lies. People are laying their trust in this latest technology because it is offering them complete security and several other benefits.
Block chain experts feel that this technology has brought about a revival in the IT and business world and is here to stay for long. It is therefore very important for you to understand why block chain is worth an investment.
Why Should You Invest In Block Chain?
Supply Chain is one of the most important parts of any business. Supply chain management decides the fate of any business or product. But, this process has many issues and shortcomings. This prevents many businesses to taste success. Block chain is the solution to this grave issue.
Block chain comes to the forefront and offers millions of benefits to the business owners or service providers. By compensating for every single error posed by old supply chain technologies, block chain strengthens the bond between the service giver as well as the recipient.
All the major issues like lack of transparency, trust, security, reliability, accountability, etc can be easily tackled by investing in block chain.
Block chain consultants believe that it is only via block chain that a trust factor could be developed between the service provider and the user.
Who should use Block Chain Technology in Supply Chain?
Block chain primarily benefits banking and finance industry but, it definitely does not mean that the benefits of this phenomenal technology are limited to these two sectors only. This technology benefits other industries as much as it benefits banking and finance industry.
Block chain can be used by any industry dealing with any area. It has a wide range of applications in the sectors like law, defense, government, etc. Any industry can use this amazing technology to boost its efficiency.
The biggest advantage of block chain is that it offers complete security to the sensitive data. It safeguards all the information and there is no way the information could leak.
Talking about other business, block chain gives them the opportunity to expand their clientele by offering many advantages to the clients. For a client, the biggest concern is trust and reliability. If he is involved in a business with you, he wants to know every single thing about the business and this is what block chain offers. Block chain offers complete transparency and this keeps all the trust issues aside. When things are open and clear, both the sides benefit.
Any business or sector can derive benefits from block chain and hence, any business or sector can use block chain technology in supply chain.
What are the benefits of block chain?
There are several benefits of block chain in supply chain and there are several ways in which introduction of block chain can benefit your company.
Here are the few benefits of block chain:
Block chain consultant consider block chain as the safest place to store data. It offers a hundred percent security to the data like transactions, et al. The details stored in the ledger are etched forever and cannot be tempered. This comes as the biggest benefit for the service provider. You can store all the important and sensitive information pertaining to your company without having to worry about anything.
With block chain, transfer of assets in supply chain is a safe and secure process. The companies can transfer physical assets, documents, and even currency. The companies can now make transactions safely. Block chain has accelerated the payment processes like credit checks and payment terms. It has also shortened the order to cash cycle. This has benefitted many small as well as mid- sized companies.
Via block chain, your consumers will know everything about the services or products you are providing them. It will benefit them for sure but, it will also help your company to grow. If you are true to your work and work with all the ethics, you will be able to gain high on the trust mark sheet. Your clients will trust you. This will develop a goodwill that will benefit you in the long run.
Transparency offered by block chain will not only benefit the clients but, also your company. It will do more than just establishing goodwill. It will help you to keep a track on the products and services offered under your name.
Block chain companies often boast about the hassle free access to the information. It is because all the data will be collected and stored in a single ledger. This comes as a sign of relief for the companies as they do not have to get into the complications of multiple ledger systems.
The data transfer and exchange process have also seen a makeover with the inception of block chain. Smart contract is like a fresh gush of air in the tiresome and troubled old ways of documentations and agreements. Smart contract is a contract that is a testimony of approval of the terms and conditions implemented by both the parties on each other. With smart contracts, the documentation and transfer process has got a much- needed acceleration. Today, there is no need to issue bills of landing, custom papers, etc. With smart contracts there is no third party involvement now. The peer- to- peer exchange of services is great for both the parties.
The absence of middleman is one biggest benefit for the companies. When no third party is involved, it saves a lot of time as well as cost.
With block chain, the companies are now able to keep a check on the quality of their service or product. Maintenance reporting has become easy.
How should one implement block chain in supply chain?
Block chain consultant says that implementation of block chain is an easy process. It is a four stage process. Whatever the industry or company is, the implementation process sums up in four steps.
Step 1 involves identification of a use case and to derive the technology plan.
The second step is POC, which stands for proof of concept.
The 3rd step is field trial where limited production is done with customer- facing data. More customer- facing products are released.
Step 4 involves full volume production.
Gazelle Technologies Limited: Your One Stop Solution for Block Chain
Gazelle Technologies Limited is one of the leading block chain companies across the globe. The company comprises of many excellent block chain experts who are a pro in their work. Gazelle Technologies Limited helps the clients with the block chain implementation in the supply chain. Our block chain consultants look at each aspect of the demand posed by the clients and offer them best supply chain solutions.
The block chain expert implements each and every step which give the best results to the clients.