Emerging trend of Block-chain in Supply Chain Management

Managing the supply chain is a very complex process. Depending upon the product, the number of stages, payments, the location from which the product comes, who handled the product, the number of persons involved in handling, etc. varies and thus managing the supply chain becomes a complex process. Due to this complexity and lack of transparency, blockchains are becoming the new trend in transforming the supply chain industry.

The blockchain mainly bitcoin, is highly transparent in nature because every transaction in the block and the ledger are distributed to many nodes/computers and it has high security. This will make the transactions from warehousing to delivery payment, transparent. Everyone in the blockchain can see the ownership. An added advantage is that they cannot be erased. Thus, using blockchain will help the organization know the source of products, who are all involved in it, the payments, etc. and thus makes the supply chain more transparent. Examples of the company that already use blockchain include Tomcar, Walmart, Nestle, Unilever.