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Any business or industry can achieve transformation with a BigchainDB blockchain supply chain management solution that reveals every product’s journey from provenance to customers. In such an ecosystem, stakeholders will have the ability to know the exact provenance and authenticity of every tangible thing they buy. Consequently, this can address several key challenges in global supply chains.
Blockchain Technology
We can refer to blockchain technology as the enabler of trust and transparency in a decentralized ecosystem. These are the two primary factors that sorely lack in global supply chains. However, blockchain provides promising features like increased transparency and provenance tracking to the global supply chain. In other words, it provides the technology to create an SCM solution that can have a complete record of products’ history and their verifiable authenticity.
SCM Challenges
The global flow of supply chains is quite complex and opaque. The processes designed to manage these flows are generally fragmented, manual, paper-based, error-prone, and vulnerable to fraud. Besides, users do not have any way to check or trace a product’s history, its provenance, or its authenticity. It increases the need to strengthen consumer trust and optimize the efficiency of different supply chain processes. For instance, consumers must get the ability to check the provenance, manufacturing, and other details of products.
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Blockchain as a Solution
Certainly, the advent of real-time information, global adoption of the internet, advanced sensor technology, and blockchain have made it possible to track and trace products. It provides individuals connected to the chain of custody of products the ability to track products, from their provenance to end customers.
Essentially, businesses can use blockchain-based SCM solutions to record the complete life-cycle of products from inception until completion of their life.
A Blockchain-based SCM solution can provide the ability to:
- Verify authenticity and provenance
- Tracking of the chain of custody
- End-to-end transparency and traceability
BigchainDB Blockchain as a Solution
With BigchainDB, a blockchain database, we can build a supply chain management solution that can have a complete record of products. It will further enable its users to verify the provenance, authenticity, and ownership details of products.
BigchainDB contains several blockchain features that make its database technology more efficient and secure. Subsequently, it underpins BigchainDB based SCM solution in several ways:
- Enable stakeholders from different jurisdictions to access a global digital database to store products’ entire histories
- Enable high capacity and throughput for a large number of sensors and products
- Provides immutable distributed database that establishes trust and ensures auditability of the transaction records
- Provides query-ability that enables retrieval of product histories quickly
- Support creating micropayment channels that enable machine-to-machine commerce system
About Oodles’ Bigchain Blockchain Application Development
Oodles is a leading blockchain development company with expertise in using different blockchain platforms like BigchainDB to build efficient enterprise applications. In the supply chain domain, our team can build solutions with BigchainDB blockchain-powered transparency, trust, and efficiency. In conclusion, our focus is on offering different industries with innovative and sustainable solutions and services using blockchain technology.
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