If blockchain technology allows us to more securely and transparently track all types of payment transactions, imagine the possibilities it presents across the supply chain. Every time a product changes hands, the transaction could be documented in accurate timestamp, creating a permanent history of a product, from manufacture to sale. This could dramatically reduce time delays, costs, and human error that happen in transactions today.
How blockchain can improve the supply chain tasks?
1) Recording the quantity and transfer of assets - like pallets, trailers, containers, etc. - as they move between different stages of supply chain.
2) Tracking purchase orders, change orders, receipts, shipment, and other trade-related documents (by leveraging smart contract).
3) Assigning or verifying certifications or certain properties of physical products; for example determining if a food product is organic or fair trade.
4) Linking physical goods to serial numbers, bar codes, QR codes, digital tags like RFID, etc. Sharing information about manufacturing process, delivery, and maintenance of products with suppliers and vendors.