ensive checks and balances, allowing companies to focus more on innovation and growth rather than on mitigating risks.Supply Chain Logistics

FAQS

What is blockchain and how does it apply to supply chain management?

Blockchain is a decentralised digital ledger technology that records transactions across multiple computers in a way that ensures the security and transparency of data. In supply chain management, it applies by creating an immutable record of all transactions, enhancing traceability and efficiency.

How does blockchain streamline supply chain processes?

Blockchain streamlines supply chain processes by automating operations, reducing the need for manual paperwork, and minimising errors. It allows for real-time tracking of goods and facilitates faster transaction times, leading to improved overall efficiency.

What is meant by "greater accountability" in the context of blockchain?

Greater accountability in blockchain refers to the technology's ability to establish clear responsibility through immutable records. Every transaction is securely recorded, making it easier to trace back actions and hold parties accountable for their roles in the supply chain.

How does blockchain strengthen trust between supply chain partners?

Blockchain strengthens trust by providing a transparent and verifiable record of transactions. This transparency reduces the risk of fraud and disputes, fostering stronger collaboration and relationships between partners within the supply chain.

Are there any challenges to implementing blockchain in supply chain management?

Yes, challenges include the need for initial investment in technology, the requirement for standardisation across different stakeholders, and potential resistance to change from traditional practices. However, the long-term benefits often outweigh these challenges.

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