Supply chains involve hundreds of businesses and thousands of transactions. As products move along supply chains, enterprises often run into many errors. Besides actual product manufacturing, a basic supply chain involves several transactions: retailer placing an order, supplier getting financed from bank, supplier shipping merchandise to retailer, retailer paying supplier, supplier paying bank, retailer returning damaged merchandise, supplier paying for that, and on and on it goes.
In short, supply chains can get quite long and convoluted, and there is quite a bit of room for error along the way.
Blockchain brings together two big factors with potential benefits:
When applied to Supply Chains, this brings several potential advantages:
Retail, Food Industry, Apparel