Transparent Tracking

Blockchain technology has the potential to improve supply chain transparency while also lowering costs and risks. Blockchain supply chain improvements can provide the following significant benefits: Primary potential benefits. Increase the traceability of the material supply chain to ensure corporate standards are met. Reduce losses from counterfeit/gray market transactions. Improve visibility and compliance with outsourced contract production. Reduce paperwork and administrative costs.

Secondary possible advantages Improve corporate reputation by offering information about the materials used in products. Improve the credibility and public trust in the data supplied. Reduce the potential public relations risk from supply chain malfeasance. Engage stakeholders. Blockchain technology can offer more transparent and accurate end-to-end supply chain tracking: Organisations can digitise physical assets and generate a decentralised immutable record of all transactions, allowing them to be tracked from manufacture to delivery or use by the end user. This improved supply chain openness increases visibility for both businesses and consumers.

This is in POC stage. We need to spend more time on it. Only research had been conducted during this period.

Blockchain technology can improve supply chain transparency, reducing fraud for high-value goods like diamonds and pharmaceutical drugs. It can also help companies understand how ingredients and finished goods are passed through each subcontractor, reducing profit losses from counterfeit and grey market trading. Additionally, it can boost end-user confidence by reducing or eliminating the impact of counterfeit products.