Blockchain technology is redefining supply chain management by improving transparency, traceability, and trust across global networks.
What is Blockchain in Supply Chain Management?
- Blockchain is a decentralized ledger that records transactions securely and transparently.
- Each transaction is time-stamped and immutable, ensuring data integrity.
Benefits of Blockchain in Supply Chains
- Traceability: Track products from raw materials to finished goods.
- Transparency: Provide stakeholders with real-time data on product status.
- Fraud Prevention: Reduce counterfeiting and unauthorized modifications.
Real-World Applications
- Food Safety: Tracking the origin of perishable goods to ensure quality.
- Pharmaceuticals: Preventing counterfeit drugs through secure tracking.
- Luxury Goods: Verifying authenticity and reducing theft.
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