BlockchainArmy has established itself as a globally renowned capital advisory firm that offers high-grade blockchain consulting services. The super success of the firm can be attributed to the tireless efforts of its well-known Chairman Erol User, who has been an ardent supporter of blockchain technology. The spearhead has shared his views on the excellent offerings which the blockchain technology has to provide the global economy through his speeches on an array of global platforms.
In a recent interaction, Erol explained the benefits of introducing blockchain technology in the management of supply chains and logistics in an entity. No matter what the size of a business is, the supply chain management can always boggle the minds of the concerned management people. Depending upon the product, these supply chains can comprise of various stages, expand to different geographical locations, involve financial handling, and a cumbersome customer dealing. The complicated processes make supply chain management tiring and time-consuming.
However, Erol considers blockchain to be the ultimate substitute for building an efficient supply chain framework that will have transparency, security, and other unique attributes of the new age technology.
The Shortcomings of The Current Supply Chain System
While talking about the limitations in the present supply chain management module, Erol stated that there are several loopholes which are needed to be addressed. Earlier, the businesses were limited to the local demography, and so management was not very complicated. But globalization has led to the fast expansion of the businesses to global markets, which has made the handling of operations quite difficult. He mentioned about the various developments which have taken place in the supply chain niche over all these years.
Despite all the efforts, Erol thinks that there remains a lack of transparency in the system, which restrains the customers from knowing the real value of their products. The leader highlighted that also it is very difficult for the team leaders to probe into the supply chains in case of illegal activity or fraud.
Why Choose Blockchain As A Substitute?
There is a general misconception that blockchain technology can only be employed for cryptocurrencies. Erol refuted this thinking and stated that blockchain could be used in an array of industrial domains to achieve excellent results. This technology can be effectively used for various exchanges, agreements, payment settlements, tracking, etc. Blockchain technology offers the highest standards of security and transparency, as every transaction is available for view to all the participating nodes. There is no central authority managing the transactions making it free from alterations.
Erol considers blockchain technology to eliminate scalability issues in an efficient and cost-effective manner. The technology can play a crucial role in managing all the processes starting from warehousing to delivery and receival of payments. He highlighted that blockchain offers consensus as all the participating nodes have the same track record of transactions, and this withers away the risk of disputes. Also, any change or alteration or deletion made on the digital ledger is visible to all the people working on the network.
The Use of Blockchain In Various Supply Chain Systems
The blockchain consulting company BlockchainArmy chief mentioned about Australia-based automobile manufacturing firm, Tomcar, that settles its global payments via Bitcoin in a convenient manner. He glorified the step taken by retail giant Walmart to induce transparency in its ecosystem by adopting blockchain technology. The company allows its customers to keep track of the supply chain of the pork sold on its various outlets.
Leading global entities like Unilever, Nestle, Tyson, Dole, etc. use blockchain technology to manifest a transparent and secured supply chain system.
Erol mentioned that not just retail firms but other industries from various domains, too have started adopting blockchain in their core ecosystems. De Beers, the diamond mining giant, uses blockchain to track the stones right from the stage of their mining to their sale. This assures the clients that they are buying the genuine product.
Also, supply chain startups like Cloud Logistics use blockchain to enhance efficiency and reduce overall costs involved for the management of globally operating supply chains.
