What is Supply chain
Supply chain refers to the several stages a product undergoes before it is delivered to the end customer. It includes all the steps starting from product ideation, moving to production, all the way to its delivery to the final destination.
Due to the globalization of markets and emerging innovations in products and services, supply chain management can be quite complex.
Blockchain technology has introduced some interesting opportunities in the context of supply chain management. Blockchain increases visibility across the different stakeholders. Data visibility enables all involved entities to monitor activities and coordinate amongst each other. Among several applications, the administrative, financial, and logistical applications are particularly noteworthy. Thanks to blockchain and its properties, a transparent system can be achieved, where items can be tracked, and every step is verified. This eventually leads to significant cost savings. Moreover, non-fungible tokens enable companies to combat counterfeit.
Many companies have started adopting blockchain technologies in their supply chain worldwide, including renowned brand names.