Introduction Blockchain technology has been gaining traction in recent years, and it has become a game-changer in various industries. One of these is the supply chain industry. There has been an unprecedented interest in blockchain technology in supply chain management, as it provides a secure and transparent supply chain process. What is Blockchain Technology? Blockchain technology is a decentralised database technology which stores data across networks of computers. It is an immutable ledger where transactions are recorded and encrypted to ensure the security of the data. The technology has unlocked a new level of transparency, security, and efficiency in supply chain management. How does Blockchain technology work in supply chain management? Blockchain technology provides a secure, efficient method for tracking and recording transactions in the supply chain. Each transaction in the supply chain is recorded and encrypted on the blockchain. The data on the blockchain can be viewed by approved participants at any stage of the transaction, ensuring transparency. Improved Traceability With blockchain-enabled traceability, it becomes easy to monitor the product at each step of the supply chain, following the product from production to delivery. As each product is assigned a unique identification number, data on the blockchain records when, where and why the item has moved from one location to another. This ensures accountability and reduces the risk of counterfeit or fake products. Increased Efficiency Blockchain technology streamlines the supply chain process by eliminating the need for intermediaries or third-parties. It reduces friction, increases the speed of transactions, while also ensuring that there is no room for fraud or mistakes in the supply chain. Furthermore, by implementing smart contracts on the blockchain, the entire supply chain process is automated so that it is more efficient, streamlined, and error-free. Secure Transactions Blockchain technology is tamper-proof and provides an unalterable ledger of transactions. This provides secure and safe transactions as it cannot be duplicated or altered without authorisation. Data on the blockchain is encrypted and can only be accessed by authorised personnel, thereby making the supply chain secure and free from fraud. Conclusion Blockchain technology has revolutionised the supply chain industry. It provides transparency, efficiency, traceability and security in the supply chain process. It is no wonder that blockchain technology has become one of the most sought-after technologies in the supply chain management industry. Organisations that are early adopters have a competitive advantage over their competitors and a significant edge in improving customer satisfaction. Navegação de Post Intelligent Robotics: Advancements and Future Possibilities Maximizing Your Gaming Experience: Understanding Video Cards and 3D Graphics
