Now a day’s supply chains are ever more complex and distance across the borders, means it is time-consuming, inefficient, manual & costly processes to all the parties. Less traceability in a disjointed system can result in safety issues, simulated goods and changeable data. At the same time, buyers are demanding more transparency about the derivation and quality of the products & goods that they buy.
Block-chain technologies might expressively reduce the processing time across at every step of process. Every transaction showing a movement of products could be recorded, from the raw materials to finished goods. Records would be viewed updated & created, or can be verified by the parties on the block-chain, enabling visibility of the whole supply chain.
A trail of full audit would be formed, this could be used to protect buyers from fake products & also provides the businesses increased confidence in the reality and quality of products, and source of decisions are impacting.
For payments of finance could also be started seamlessly between the parties throughout the process, based upon the contract.