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. Global supply chains. In response, companies are turning to blockchain technology This cutting-edge innovation is redefining the future of blockchain in supply chain management.
What is Blockchain Technology?
Blockchain is a decentralized, digital ledger that records transactions across and network of computers. . The tamper-proper-proof tracking of goods throughout their journey from production to deliver.
Benefits of Blockchain in Supply Chain Management
The adoption of blockchain technology offers numerous benefits for companies operating in the supply chain:
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- Compliance with regulations : Blockchain helps companies meet regulatory requirements by ensuring compliance with laws such as the EU General Data Protection Regulation (GDPR) and the us’ Food Safety Modernization Act (FSMA).
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- Sustainability and Transparency : by tracking the origin, movement, and storage of goods, companies can reduce carbon emissions and promote sustainable practices.
Applications of Blockchain in Supply Chain Management
Blockchain is being applied across Various Supply Chain Industries:
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Challenges and Opportunities
While Blockchain Offers Numerous Benefits for Supply Chain Management, There are still challenges to overcome:
- Scalability
: the current infrastructure is not yet scalable enough to accommodate large-scale applications.
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The Future of Blockchain in Supply Chain Management
As Companies Continue to invest in blockchain technology, we can expect:
- Increased Adoption : WidesPread Adoption of Blockchain in Supply Chain Management across Industries.
- Improved efficiency : optimized supply chains with reduced costs and improved customer satisfaction.
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