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 supply chain involves several transactions like a retailer placing an order, a supplier getting financing from a bank, a supplier shipping merchandise to a retailer, a retailer paying a supplier, a supplier paying a bank, a retailer returning damaged merchandise, a supplier paying for that, and on and on it goes.
In short, supply chains can get long and convoluted, and there is much room for error along the way.
Blockchain offers two significant factors with potential benefits:
When applied to supply chains, this has significant advantages:
Retail, Food Industry, Apparel