As it can be seen that the Blockchain’s are continuing to mature themselves in the market also they are increasing their field of adaptation on other cryptocurrencies. The business is already increasing its efficiency, security, and transparency.
Prior to Blockchain
The supplying management of the product- based business has always been one of the most important parts of the logistical hurdles. Companies and users have a very long back speculated relation with the helpfulness that helps them to maintain records that indicate full life-cycle to the individual’s and their products. The events have been recorded in the product lifecycle that would make it easy as an easy ability to keep a tracking the points of failure and inefficiency. Also, these make it easy for the corporations in improving the competency of their manufacturing, delivery and maintenance processes.
However recently due to the increase in the burden of the labor, it has become too great to track any of it also the critical supply of the data of the company. Till now the most prevalent roadblock has been but the problem of the efficiency of the workers. But now by using the current resource i.e. the planning system, the relevant data must be collected, analyzed, organized and stored. By recalling upon the data is operated at different levels by different employees at the companies. Supposing in the case of shipping, the data will only be manually accessed by the second or third-party companies till it is being delivered from its origin to its destination. Employing people do to all of these tasks is very expensive and time-consuming for the companies as in order to save their time and money limited information was currently retained, and it is rarely available and transparent to the customers.
Old World but Availability of New Technologies
In order to understand the working of the blockchain, we have to understand the working of the ledgers in the work which is in practice. At first, information was traditionally stored by manually updating the database of the companies. The records which were stored in the database was the responsibility of a centralized party which was also answerable for their accuracy, organization, and its proclamation. Such databases were manually maintained by the companies as they are prone to both human errors and machination also only due to this reason there are doubts regarding the accuracy of the records.
Speaking on the efficiency and transparency of Blockchain technology, Stefan Schmidt, the CTO of Unibright states:
“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”.
The Blockchain technology helps us to improve ourselves on the traditional model of recording our database but distributing the database to different points of failure. Not only does this helps us to make the distribution of the information transparent but also it ensures the authenticity of the records. Due to there is an easy access to the data to anyone with an internet connection and an appropriate block explorer.
Unlimited usage of the blockchain
Due to the improved transparency in the market because of the blockchain, there has been a potential increase in the no. of customers which are using it. Stefan has made it clear by declaring that there is a lot of benefit in the usage of the blockchain in the mode of trading against the traditional way of ledgers. For an instance, he mentioned how due to the transparency of the batches which are being released from the companies. Due to the easy tracking of the product, an improvement has been witnessed in the perishable goods, such as food and beverages. The customer now can also determine their high degree of certainty by checking the label of the product which the true representative of the product and the manufacturer before purchasing it.
The problem still to be solved
It is seen that the technology is being adopted by the mass at all times for their business. The technology is free and an open source which requires a very high level of knowledge and practical experience in order to implement it successfully on the employees of one’s company and after employing being successful in it. But due to these necessities, there has been a creation of the barrier in between the corporation and the technology which is very tentative to be crossed by the corporates. Once, the barrier is being removed from the middle it won’t be required by the people to remember them.
