Making use of distributed ledger technology to keep track of the lifecycle of products and services are very slow. With the use of Blockchain technology, businesses are presently making their brands efficient, security, and transparent into their previous production and shipping processes.
One of the most common setbacks faced by product-based businesses is supply management. It has been the speculation for many business and customers on the effectiveness of keeping records that show the full life-cycle of different products. Information such as the source of products and their materials, the time of assembly and also the detail of ongoing inspections of quality which helps to determine the integrity of each different product. Keeping track of such information will make it possible for one to determine weaknesses and incompetence of products, which creates room for businesses to work on the efficiency of their manufacturing, delivery, and maintenance.
Previously, it was very difficult for business to track of their information. Efficiency has been the greatest stumbling block. With the use of the present resource planning systems, you have to keep track of all important information.
To understand how your business could the benefit from the Blockchain technology, you, first of all, have to know hoe distributed ledgers work in real life.
Stefan Schmidt, the CTO of Unibright speaking about the efficiency and transparency of Blockchain technology stated, “Integrating the Blockchain with existing ERP systems enables enterprises to source existing data and share it in an immutable, secure, and trusted manner. What this means for corporations and their consumers is higher quality products, sourced in exceptionally cost-effective ways, with a far greater level of accountability. The significance of Blockchain business integration cannot be understated.”
Blockchain technology makes the traditional model easier by sharing information between various points of inefficiency. Distribution is not only made easier, the information also makes it transparent and makes it trustworthy. Blockchain gets ride of the manual process of recording information.