#blockchainfirm

Now you’ve come to learn about custom blockchain development services, we hope you’re thorough with the definition of blockchain technology and its functioning. Even though here’s a short description of the technology. “Blockchain is a distributed ledger technology. Thousands of blocks and together constitute a blockchain network. The blockchain network is decentralized, immutable, and…

Introduction  On 22 April 2022, Google released a doodle showing the time-lapse image of Earth in four different regions. Each of them has changed a lot due to climate change across the globe. This shows the Earth’s critical condition. Among the various aspects that damage the environment, global warming seems to be the most common cause of climate change.  Cryptocurrency – Contributor to…

Blockchain is a highly powerful technology that can improve the efficiency of various industries. In this blog, we have discussed the Proof of Concept (POC) of using blockchain in the aviation sector. Let us see what it brings to the forthcoming future!

Curtain Raiser Airways are the fastest mode of transportation around the world. Every year, the need for airlines increases for shipping goods and human transportation. This shows the need for incorporating efficient technology into airline operations. Blockchain is one of such technologies that can highly improve the performance of the existing aviation sector.  In general, blockchain has…

Use Cases Showing Importance of adopting Blockchain technology in Enterprises

As the entire world is moving toward digitization, the necessity of a foundational technology arises. Blockchain is a distributed ledger-based technology that serves various industries with effective business-enhancing solutions. It is a breakthrough technology that can provide high-level data management functionalities. Blockchain is one of the most underutilized technologies. In other words,…

Blockchain, a catalyst for new opportunities in the insurance sector

Insurance industry plays an undeniable role in every human life. Be it health, property or any risky insurance; everyone has their covers and claims. The workforce and processing of the insurance sector can be enriched with blockchain technology.  Many insurance companies are either already adopted or planning to pilot blockchain technology across their business units. This is mainly due to the…

The supply chain system is an integral part of every business. But, the current supply chain process is complex and has many pitfalls that need to be eliminated for better efficiency. Thanks to the arrival of blockchain technology, which is decentralized, immutable, and secure, and also paves the way for gaining prodigious benefits in supply chain management. Blockchain in supply chain management is evolving, and many companies are utilizing its ultimate features to boost their business.

In this blog, let’s see the different ways blockchain technology revives supply chain management and helps to implement powerful businesses.

What is Blockchain Technology?

Blockchain is a decentralized ledger technology that records every transaction and stores it in various nodes across different places. Enhanced transparency, automated smart contract execution, high speed, and smart security are the advantages of blockchain that could impact multiple industries in different ways.

Traditional Supply Chain Problems

In the traditional supply chain system, there are a lot of cumbersome manual processes, more middlemen interventions are needed to verify, execute and authorize transactions. Also, the product traceability is not better due to poor transparency and lack of interaction. It paves the way for product counterfeits, product losses, identity thefts, and data privacy concerns.

Blockchain technology has arrived to overcome these challenges and mitigate all the complexities and risks involved in the supply chain system.

4 Effective Ways Blockchain Could Change the Supply Chain Management

Automated Smart Contracts

Blockchain-powered smart contracts are helpful in streamlining supply chain operations. They executes tasks automatically based on predefined conditions and avoids intermediary participation. With smart contracts, we get complete details like stock management, staff working details, and supply chain demands in a transparent and decentralized way. It could help to establish efficient inventory management and ensure secure transactions.

Enhanced Product Traceability

There are many product counterfeits that occurred due to the lack of transparency and poor securities in the supply chain system. Thanks to blockchain! Its end-to-end transparency helps users track the entire supply chain system from provenance to customer end. It can avoid product losses and ensures safe product delivery. All the blockchain participants can view the entire supply chain process from anywhere. If any suspected violation occurs, it will be notified by the users quickly and prevents all fraudulent activities.

High Security

Blockchain is a ledger technology that helps to keep all the data relevant to the supply chain process securely and transparently. Data is visible to all blockchain participants and makes it harder for hacking. No changes or modifications can be performed in the blockchain system and ensures high-level security to the supply chain process. It helps to implement a secure, effective, and efficient inventory management system.

Reduces Administrative Costs

Smart contracts are performing auto inspections at regular intervals to ensure the right safe product delivery. They avoid middlemen intervention and the manual errors involved in the supply chain process. Also, there is no need for a particular place to conduct supply chain management work because blockchain allows users to manage the whole process from anywhere easily and conveniently. It reduces administrative costs spent on supply chain management and increases overall efficiency significantly.

Conclusion

Insights on how one can connect a crypto wallet to the NFT Marketplace!

NFTs have become one of the hottest crypto topics in 2021. The non-fungible tokens (NFTs) are considered digital assets that hold unique characteristics.  However, the NFTs are different from other crypto-tokens since they belong to the fungible. The fungible tokens can be divided into small units, but whereas NFTs cannot because it is unique.  The information present in NFTs is unique…