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Google the term ‘blockchain’ and you’ll find an endless list of results, starting from the definition of blockchain to how it can transform industries ranging from retail to trucking, health care to finance. And that’s just for starters. Disclosure: This is a Sponsored Article Blockchain is more than just an instrument of finance, in fact calling it a ledger recording only transactions is misleading. It is more of a ledger recording “agreements.” It is an immutable system which records the history of “deals” made between two or more parties, in which neither party can go back and change the terms. If you think along these lines, you will realize blockchain has innumerable functionalities apart from merely keeping a record of financial transactions. One such use is transforming the future of supply chain. The Blockchain Supply Chain Imagine documenting every move of a product in an immutable ledger as it changes hands, generating a long list of interconnected blocks containing complete product lifecycle information. This will give rise to a supply chain ecosystem which is faster, cheaper, and free from any human error threatening its authenticity. Such a system will impart a range of benefits to the existing supply chain: Traceability and Transparency If you work in the food sector, the traceability of the raw product and quality are of vital importance, given the alarming rates of food adulteration. The current complicated process of raw product traceability can be eased by utilizing the power of blockchain and advanced tracking…
Source: How Blockchain Can Rewrite the Future of Supply Chain Management
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