Supply Chain Management turns to the blockchain

One of the most impres­si­ve fea­tures of block­chain is its abili­ty to pro­vi­de more secu­re, trans­pa­rent moni­to­ring of tran­sac­tions. Supply chains can be seen as a series of tran­sac­tion nodes that are respon­si­ble for moving pro­ducts from point X to the point-of-sale or final deploy­ment. With block­chain, all tran­sac­tions can be docu­men­ted in a decen­tra­li­zed record, which redu­ces time delays, added cos­ts, and many human errors.
There are alre­a­dy a few block­chain start­ups that are inno­vat­ing into this sec­tor: One of them is Provenance. This start­up is buil­ding a tracea­bi­li­ty sys­tem for mate­ri­als and pro­ducts, which enables busi­nesses to enga­ge con­su­mers at the point of sale with infor­ma­ti­on gathe­red col­la­bo­ra­tively from sup­pli­ers all along the sup­p­ly chain. Another name to men­ti­on is Hijro, which is a com­pa­ny that offers an alter­na­ti­ve plat­form for len­ding into glo­bal sup­p­ly chains.

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