The Relationship Between Blockchain Technology and Supply Chains

The Relationship Between Blockchain Technology and Supply Chains

Management of supply chains can be complex, and managers have to keep track of multiple aspects. However, every supply chain needs to be transparent. This will ensure customer satisfaction and hassle-free management. SCM Analytics can help professionals use new-age technology like Blockchain to create efficient supply chains. Once the use of Blockchain in supply chain management is established, there will be no broken supply chains, and the visibility will increase, as well. Those who wish to learn about implementing Blockchain technology in supply chains can opt for the logistics and supply chain management course from Imarticus Learning.

Why is Blockchain Technology Necessary for Supply Chains?

Earlier, commercial activities were specific to a location or limited to only certain spaces. Therefore, management was much more straightforward. However, nowadays, there are multiple locations, individuals and stages of product processing involved. It results in a complex supply chain, primarily due to the globalisation of the manufacturing process of all types of products. So, supply chain management is necessary every step of the way. The lack of proper management can lead to increased complexity and reduced visibility. This is where Blockchain technology comes in. Those who opt for a supply chain management career can introduce Blockchain to solve issues with the supply chain.

A transparent supply chain makes sure that customers get what they are expecting. A supply chain that is not completely visible can be used for unethical practices, and this can be tough to investigate. Professionals can use blockchain technology to track each product from the manufacturing stage to the selling stage. One can also use blockchain technology for monitoring contracts and payments. In a supply chain management course, students will learn how to use Blockchain technology in this aspect. A block records every transaction, and then several copies are kept in different nodes or computers. Since Blockchain is scalable and every block is linked, there is no chance of a security breach. Professionals will see how the supply chain is working and keep track of the products, from warehousing to customer payments.

To ensure that the supply chain is working correctly, one needs to manage it. This is where the chain of command matters. With Blockchain technology, the chain of command becomes easier to implement and manage. It is because a chain of command is built into the Blockchain. Therefore, it guarantees the reliability of a supply chain.

How Can Professionals Use Blockchain for Supply Chain Management?

To use Blockchain technology during their supply chain management career, professionals need to learn to implement such solutions. Imarticus Learning offers a professional certification in Supply Chain Management & Analytics. This course allows students to gain industry experience through several real-world projects. These SCM projects are essential for understanding how supply chain management works and benefitting from technological advancements. Students or professionals who have basic programming and operations management knowledge can benefit from Imarticus Learning's logistics and supply chain management course. It helps students develop the skills necessary for implementing Blockchain technology and making decisions that are data-driven and tactical. IIT Roorkee offers the certification, and numerous industry experts mentor students throughout the course. Students can interact with their peers and instructors. Such interactive sessions are crucial for doubt-clearing and help students learn more about their areas of interest.

The supply chain management course from Imarticus Learning is essential for those who wish to enter into data science, demand planning, operations and supply or supply planning. Currently, supply chains are being used across industries, including food, pharmacy, and even mining. Therefore, professionals will get multiple opportunities to use Blockchain technology and create supply chains that are efficient, optimised and transparent.

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