Industries are struggling to minimize the effects on their supply chains while governments seek to control the spread of COVID-19. According to a report by Dun & Bradstreet, the pandemic has impacted the supply chains of 94 percent of Fortune 1000 firms. Also, businesses perceived to be giants in the technology and supply chain are struggling. Apple is unable to get the next shipment of iPhones, and its factory in China has been temporarily shut down by Tesla.
oodles blockchain
The issue is that supply chains have become widely dispersed, competitive, and lean. This works to everyone’s advantage when times are good. However, monitoring and traceability, agility, and visibility are restricted even then. But when things go wrong, they go poorly, and internationally, the cumulative effects create chaos. Pandemics encourage us to think outside the box about how to be stronger and more sustainable. At Oodles, our experts believe that blockchain supply chain solutions development can prove to be a game-changer amid COVID-19.
Blockchain Applications in Supply Chain Management
Supplier Verification
A single OEM product can have parts or services from hundreds of suppliers, and an efficient failure detection system must dig deep into the supply chain. In order to ensure the accuracy of results, each layer must be closely scrutinized and processes placed in place.
Compliance
A recall of products is guaranteed upon failing to comply with environmental and other compliance standards or the U.S.-imposed “conflict minerals” requirements.
Streamlined communication between stakeholders
All parts of the supply chain must work closely together to prevent product recalls, but the OEM’s key role is to harmonize the relationship.
Safe Shipment
Some product recalls are due to damage sustained after manufacturing rather than due to flaws in products or problems on the factory floor.
Blockchain In Supply Chain Management | Benefits
Global supply chains are calling out for a structured approach to trustfully coordinate data. They are looking for an approach that can help to build a tool for risk management and disruption mitigation. Blockchain can be used to construct such a risk-based model that can prepare a supply chain to withstand pandemics like COVID-19. Blockchain is basically a distributed ledger where transactions are exchanged with various computers rather than stored in one central location.
The visibility of multiple-party transactions gives transparency and protection. When blockchain information is uploaded, it can not be altered, ensuring immutability and trust. That becomes the keystone of a stable digital supply chain. All related information is available to the entire supply chain if transactions are stored in the blockchain. Immutability, traceability, and accountability describe the goods’ provenance in the supply chain.
End-to-End Supply Chain Visibility with Blockchain
Most companies will be measuring the supply chain visibility during 2020 due to COVID-19. Company survival at times like these would be a result of how well companies know their value chain. Under the immense pressure of these latest global innovations an obsolete supply chain structure may buckle. To adapt to rapid shifts in demand, many companies also lack a view of upstream and downstream inventory levels. In order to spread the risk, firms made efforts to have several suppliers after previous disruptions. But they did not have adequate network visibility to realize that their new tier 1-vendors were relying on the same old tier-2 vendors.
Blockchain-based supply chains connect all parties to the same network, untangling the intricate global structure and making every step of the way clear. Both layers of suppliers and subcontractors, their positions, and the production potential can be seen by the companies. This helps them to determine their threats, model situations, conduct what-if assessments, and take proactive measures. It also lets businesses easily monitor their responses as circumstances are rapidly changing. Knowing exactly where the goods are in real-time also allows businesses more versatility in order management. In one hypothetical example, 100,000 devices have been ordered by a router company, half of which are made in Japan and half in Wuhan, China. On the blockchain, the company can see that development is slowing in Wuhan. This helps the organization to take remedial steps and mitigate the effects.
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Blockchain and the Internet of things (IoT) are two recent technological advancements transforming different industries.
Industries are finding Blockchain and IoT two most important strategic technology trends in 2020, According to IDC, 20 percent IoT deployment involve basic levels of blockchain services enabled.
Blockchain is a type of distributed ledger which provides characteristics like traceability, auditability, security, and efficient collaboration.
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Global Supply Chain FinancingSupply chains involving parties across borders and cross-border transactions require voluminous paperwork and bureaucracy.
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BlockchainFirm is a supply chain management software company that offers dynamic supply chain management software and with the right software on board, you can increase your productivityhttps://www.quora.com/What-are-the-features-of-a-good-supply-chain-management-SCM-software
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Food traceability is the most awaited concept in the growing health conscious population.
According to the latest report, the chances of dishonest activities are possible in any part of the supply chain.
The red meat is vulnerable to many problems including illegal slaughtering, improper storage, and prolonged preservation.Here food traceability becomes a necessity to know if the meat we consume is actually qualified as a safe product.
Tracefood provides end to end traceability solutions to make your supplychain more transparent building complete trustworthiness with Blockchain solution for beef and Blockchain in Pork IndustryThe meat and poultry sector can be broadly divided into 3 categories: beef, pork, and poultry.
Another report states that semi cooked or ready to cook spicy meals were particularly vulnerable to this crime, as the swap cannot be found due to being overpowered by other flavours.There are many cases reported in UK where they transport horses posing them as leisure utility and slaughter them in illegal places and mix them up with other meat.Diseases Many countries have prohibited the import of pork that have been given ractopamine - a feed additive drug used to increase he muscle of the pigs instead of fat.
Downfall in the health of the farm leads to pigs easily vulnerable to swine flu and other dangerous illnesses that spread up rapidly.Trade issuesPork industry is prone to many wet markets which show no interest in quality and legitimacy.
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Meat supply chain management has been made simpler these days right with the integration of blockchain in meat despite the complexities involved…The global meat production, processing and supply involves a vast set of elements and data and so that it is vital for every supply chain system to track, trace and present the data.
Even though it seems to be inevitable for the smooth processing of the meat supply chains, it is not that much easier to achieve.Yet, the community of meat manufacturers, processors, retailers, packers and the consumers very much rely on this vital information and they demand it the most than anything.So, what would be the viable solution for this challenge?
Yes, it is the technology blockchain in meat that could help us in addressing out this major traceability challenge appropriate to the meat supply chains today.
Since blockchain is basically a public ledger of information that helps store the processed data in any sector, it fits the most in this case.The blockchain technology for meat has come up as a decentralized network helping each and every network participant to be aware of the overall system data in the supply chains right from the production to the table.Not only the tracking and tracing of data can be done via the meat supply chain blockchain; Beyond that, the technology finds its importance as well in customizing the overall data flow between the producers and the consumers thus making the entire value chains efficient ever.How does the meat supply chain blockchain account for data transparency?With the rising challenge of fraudulence and misconceptions in the food industry, there comes an inevitable need and demand for the production of organic and highly sustainable food items from the consumers’ side.In order for the organizations to meet this unavoidable demand over time, craving out for the best technology solutions that could help strategize the overall supply chain cycles has turned to be an essential aspect so as to ensure the sustainability of the products in the industry.
Here comes a need for the enterprises to provide complete end-to-end data transparency to the end users in order to make them satisfied on the go with ease.But this is not just a simple task to do as the supply chain systems are very much complex to retrieve data in nature.
Yet, we have a wonderful technology which is nothing but the blockchain in meat that has been evolving out in disclosing the overall data about the products to the consumer community with ease.By the way, the global food safety and provenance levels will get improve a bit forward and so that attaining out a fraudulence free food market is quite possible with blockchain.What we (tracefood) are and where we stand today?Tracefood is a food technology solutions provider operating out with a vast level of experience and expertise in the field of food supply chain management.
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