Share Tweet Share Share Email Sheam Arafat The contemporary global economy is becoming more and more complex and interdependent, the supply chain networks are becoming more complicated, sensitive to any failures along the chain, as well as presenting a possible threat to the entire enterprise and exposing it to operational inefficiency, as well as creating risks for security and transparency. Most Supply Chain operations have to deal with fraud, inefficiencies, counterfeiting and inconsistent data. These issues can be extremely dangerous and may lead to financial losses, reputational harm as well as regulatory penalties.
Blockchain integration with Internet of Things (IoT) is the possible solution to tackle this risk issue. Blockchain’s architecture is decentralized in nature and it is immutable, which means that all the transaction records are secure, verifiable and non-editable. When coupled with IoT’s ability to constantly track real-time data in relation to the supply chain, this powerful integration enables supply chain companies to build transparent, traceable and very efficient supply chain ecosystems.
The adoption of these technologies help organizations in improving data accuracy, increasing traceability and decreasing operational complexities. By applying this approach, trust among stakeholders is enhanced such that all parties involved in the supply chain network are able to see verifiable data so that there is increased collaboration and a more resilient and r.
