The process by which a product reaches its final consumer, having gone through the production and delivery cycles, is called the supply chain. This can apply to a single product or to a group of them, the main principle - it is the cycle from the moment of production to the actual purchase.
It is logical to assume that the process has been constantly improving, with the development of technology and logistics. Now it is the turn to move to a new round of development, and understand whether it is possible to implement blockchain in the supply chain? Let's say in advance that yes, although with a number of reservations.
First of all, it makes sense to talk about the benefits of implementation:
Speed - the transfer and exchange of information between divisions of one corporation or partner companies, usually, occurs in exchanging with blocks of data. And by integrating the blockchain, they will be able to transfer data in real time, significantly speeding up the process.
Digitization of documents and agreements. Here we are talking not only about the fact that all documents are duplicated in electronic form, but also signed with digital signatures and be associated with blockchain transactions. Accordingly, the document cannot be changed without the agreement of all parties - participants.
Transparency of available data and documents. The blockchain will allow you to see the entire cycle of movement of documents, delivery and what happened to the goods during its journey. Moreover, this information will be available to each of the parties involved.
However, many companies may simply refuse to implement blockchain, even with all mentioned above. The main reasons are the allocation of huge budgets to optimize the existing infrastructure and serious loss of profit during the adaptation period. For somebody, this may just be impractical. However, the benefits of this integration for large companies are beyond question.
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