#blockchaintechnologies

Is Blockchain the Missing Link for Supply Chain Transparency?

Introduction: 

Consequently, supply chain has emerged as the key area of interest in an environment where consumers are more concerned with transparency and trust. However, a number of challenges such as lack of supply chain visualization, trust and security are some of the drawbacks of the conventional supply chain models. Hence comes blockchain, an innovation that has gained widespread popularity in making a shift in how organizations monitor, authenticate and control the supply chain.

By the same token at Justtry Technologies, we hold that blockchain is the key link that can help ensure we have the most accurate, efficient and secure information related to supply chain. Curious to know why? Let’s dive in.

So, first off, let’s define what blockchain really means: What is Blockchain and how it can be applied to Supply Chain?

In a nutshell, blockchain can be described as a distributed ledger containing data of transaction across the connected network. Unlike traditional systems where data is centralized and owned by a specific group or company, blockchain possess a database that is spread across different computer systems, and hence almost immutable.

Well, how does this help supply chains?

Think about having an idea of how materials get into a company and end up as a final product with every step between included in a record that cannot be altered at all. Now let’s take a look at what blockchain actually supplies, and I believe that is contained in the statement above. It makes consumers gain a transparent supply chain that enhances trust between companies and suppliers.

Key Benefits of Blockchain for Supply Chain:

Increased Transparency: Perhaps sometimes people interest how their product looks like in the moment when it is breaks the seal and gets on the transport? Due to the implementation of blockchain, it becomes possible to track every transaction from and to its completion. There is no guess work or depending on other people’s information again.

Improved Security: Hearsay is devastating to companies through leakage of company information through data breach and manufacture and sale of fake goods. According to blockchain, every transaction done is encrypted so hacking or even attempting to alter it becomes almost impossible. This assists you to have assurance with the supplies that every product in the supply chain is genuine.

Cost Efficiency: Due to the removal of intermediaries and application of smart contracts to make procedures more efficient, blockchain reduces costs and la Yue. An improved and effective supply-chain with minimized costs; every organization seeks for this.

Real-Time Updates: It’s the end of an era of receiving information with a certain time lag and updating it manually. Blockchain will ensure that a business is able to monitor real time data such as inventory, deliveries and even interruptions.

How Justtry Technologies is Leading the Blockchain Revolution in Supply Chain:

Here at Justtry Technologies, we are for providing solutions to enhance the productivity of blockchain for organisations. Regardless of whether you are starting a new supply chain or if your company is in the fort数字化化 stage of supply chain management, our solutions are designed uniquely to serve your purposes.

Our approach is simple:

Consulting: Here, it is our intention to give you an insight on how this technology known as blockchain could transform your business.

Development: Our team will develop a set of individual blockchain solutions that will harmoniously complement your IT environment.

Implementation: We help you to easily implement blockchain so that you can quickly begin benefiting from the new platform.

Blockchain Game Development Companies: Challenges Addressed The supply chain is an important concept in most organisations; however, it has limited applications when it comes to innovation.

Blockchain is not limited to being used in supply chain systems, but blockchain game development firms utilize it to build decentralized gaming structures that will enable players to have more authority and understandability. Blockchain has made its mark from supply chain to gaming and more proof of how it is beneficial in a number of industries.

Conclusion:

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𝐍𝐅𝐓 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 has a promising future. As the NFT market matures and new technologies are developed, we will have other, more imaginative and creative applications of NFT. 𝐖𝐞𝐛𝐜𝐨𝐦 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 is a leading Fintech Development Company offering a wide range of services, including NFT and gaming platform development. Click the link below and learn more about NFT Development.

👉𝐂𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐋𝐢𝐧𝐤 𝐁𝐞𝐥𝐨𝐰 & 𝐋𝐞𝐚𝐫𝐧 𝐇𝐨𝐰 𝐃𝐨𝐞𝐬 𝐈𝐭 𝐖𝐨𝐫𝐤?

Data Usage of Chrome and Firefox.

We still believe that the world of internet is intangible world. we are wrong now because blockchain technology has completely changed concept of internet. Blockchain has made modern internet deals not only with intangible but also with tangible assets. Modern internet with help of blockchain technology deals with tangible assets storing them in intangible forms.

How blockchain deals with assets?

Blockchain stores assets in encoded form on N2N (network to network) chain. This chain is simply called ledger. This ledger allows all participants to see in which assets you do business with.

Benefits of dealing with assets on blockchain network.

Protection of business dealings

Prevention from theft

Simplification of business affairs

Faster processing of transaction

Reduction of errors

No need to hire third party

Blockchain technology will transform human life making following changes

Change in the way of transacting business

Change in the way of managing assets

Change in the use and technology of machines

Change in current voting system

Change in identity proof

Blockchain technology is going to make unbelievable transformation in banks, companies , hospitals and governments.

Let’s discuss in depth about some applications of blockchain technology that are going to change human life from tip to toe.

Personal Identification

We have to have many identity proofs like Voter ID, Driving License, National Identification card etc. We have always fear of missing or stealing of these ID proofs. We are also greatly worried about misuse of our personal information.

In india the AADHAR card which is their kindi of national identification card, There is a lawsuit  case about privacy issue and safety of personal data of AADHAR is pending in Supreme Court of India.

Blockchain technology solves these issues. Lets see how.

Digital blockchain ID will take place of all physical ID. Blockchain ID is highly leakage proof because it will be secured by blockchain technology and transparent ledger. Using blockchain ID, you can sign up at anywhere anytime. Blockchain ID will remove all barriers of privacy and hacking of your identity proof. Blockchain identity protects you from spammers. When you purchase or sale or deal with any business entity, that entity will have access to only limited data which that entity needs to deal with you. Your blockchain ID will tell liquor shop owner that you are adult, nothing else.   Use of Virtual  ID instead of AADHAR is first step towards blockchain ID by Government of India.

Digital Passports

Blockchain will remove physical passport. Github has credit of launching the first digital passport  which allows owner to verify his identity himself. You need not to keep passport with you at all time. Your passport will be stored in ledger. Whenever you need to verify your passport, you just have to take your photo and stamp the photo with both private and public key and your photo is confirmed by blockchain.

Birth, marriage and death certificate

The countries like India, every second child is not provided birth certificate till age of five and more than 75% of couple do not have marriage certificate. The reason is cumbersome process of getting such certificates. We frequently read news of use of fake death certificate to make fraud with Insurance Company or to make illegal transfer of real estate property. Blockchain will make these certificates more secure and reliable by encrypting these certificates.

Smart Contracts

We have already discussed in a previous article about Smart Contracts in a previous article Opportunities with Blockchain Technologies.

Connected Cars

We have already discussed about Connected Cars in a previous article Opportunities with Blockchain Technologies.

Digital Voting

We have shifted from ballot paper to EVM but still our election system is not so secure and transparent as we expect. Ballot paper system has draw backs like slow processing of counting and declaring results, theft or loot of boxes of ballot papers, bogus voting, higher ratio of cancelled votes etc. EVM has also limitations like break down of machines, accuse of hacking etc.

Both ballot paper and EVM have limitations, governments of various countries hesitate to get electoral processes online because of security concern.  But blockchain will remove this hesitation of security concern. Blockchain enables the voter to check that his/her vote has transmitted successfully  while remaining anonymous to the rest of voters, candidates and other officers of election commission.

Digital Notary

Blockchain has capacity of time stamping. The data is validated at particular time. Digital notary adds value to service for life long. You need not pay for notarization again. You have to upload your data and pay prescribed fees. Your document is uploaded anonymously.  A cryptographic proof of that document is stored on blockchain network. The cryptographic data stored on network confirms security and privacy of your document.

Distributed  Storage

Blockchain is decentralized system. Current cloud storage services are centralized services and you have to put trust in single service provider. Distributed cloud storage improves security and decreased dependency because blockchain has facility of multiple locations and hashing the data.

Blockchain is going to reshape some businesses like banking, financial services, manufacturing and supply chain management. Kindly refer our previous article Opportunities with Blockchain Technologies.

Blockchain In Compliance - Shield Financial Compliance

Low code development provides programmers with an environment for creating application software through graphical user interfaces and settings, such as drag and drop, over a traditional computer programming, which generally requires millions of lines of code. The platform features ensure the fast delivery of business applications with minimal manual coding and initial investment in configuration, training, and deployment.

With the emergence of software giant Microsoft and Google investing in the creation of accessible development platforms in low code, it would indicate an increase in market adoption. This can fill the vast talent gap in software engineering worldwide. It offers non-technical personnel the opportunity to test their ideas or concepts with real customers much faster, providing more useful data and insights before using a technical team.

Low Code Features That Some How Outsmart Conventional Coding

Focusing first on the most critical feature,

Speed

When speaking of speed, the low code platforms can allow new applications to be delivered in a fraction of the time usually required. Instead of putting the manual effort into coding an app from scratch, which consists of standard functions and components, low-code platforms allow developers to work with existing models. This means that you can quickly drag predefined items, forms, and objects together to provide a simple and functional application for a specific department or team.

Customization

Company-specific problems require a unique solution. Depending on the platform, the low code development may meet this need and allow a personalized approach to creating applications forspecific use cases, instead of investing in a more general product, more expensive and with many redundant qualities that are insufficient to be useful.

Democratization

Low code platforms can be deployed by people with minimal or no programming knowledge, allowing non-technical personnel to create their applications to meet their needs without any minimal input from the IT staff, especially if the latter are overloaded.

Multiuser guidance

Low-code platforms are designed to serve types of technical and non-technical users, allowing morepeople to create the software tools needed to do their jobs more efficiently.

Easy iteration

The low code provides fastand iterative delivery of business applications. People can quickly get to thepoint where they can see if a proposed idea or solution is on track, usuallycreating models or prototypes with end-users. At that point, you can quicklytest, refine, and implement or ignore an idea before spending a lot of time oreffort.

So, Will Low Code Development Replace Traditional Technology?

Unlikely, but it could help to narrow the talent gap in the medium term by arming non-technical people with development tools, as well as reducing part of the backlog of technology teams as much as possible.

With all of the complex business applications going into production today, another case can be made for moving low / no-code development.The reason is that low code and no-code platforms offer small components as a more natural way to build more massive application architectures. This has turned out to be an increasingly winning option for businesses that now need to develop software on their own and respond to this trend.

Panacea Infotech is among the top tech companies attributed to deliver low code or OutSystem solutions and integration.

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