What does adding blockchain capabilities look like in the real world is what we all wish to witness post its deployment. But here are the potential benefits of supplementing the already existing system in use with Blockchain Technology.
1. Trust-free Ecosystem, the only trustworthy Intermediary.
Blockchains make it possible for ecosystems of business partners to share and agree upon key pieces of information without having to appoint an intermediary and deal with all the complex negotiations. This solves the compliance and quality control issue plus makes the processes smoother.
2. Globally Integrated Ecosystem
With a constantly refreshed digital ledger that incorporates data from all your relevant partners, your company can see the total volume regardless of who directed the purchase activity — without each user having to share its operational data with the others.
Without a blockchain, companies hire many people to audit their orders to capture these volume-purchase benefits. Large businesses can have dozens of professionals spending hours and hours to audit each one to add up all the gains they’re supposed to receive.
3. Efficient Inventory Management leading to better Service
With a blockchain-based solution, you can calculate the exact volume discount based on total purchasing. You can mathematically prove the calculation is correct. And you can do so even while preserving the company’s individual volumes.
At its most basic level, the core logic of blockchains means that no piece of inventory can exist in the same place twice. Move a product from finished goods to in-transit, and that transaction status will be updated for everyone, everywhere, within minutes, with full traceability back to the point of origin.
This solves the complex issues of transparency and traceability.
Better visibility into procurement, more accurate and reliable data for analytics, and increased trust among all participants in your supply chain network are some of the benefits of adding blockchain to your infrastructure.