Blockchain supply chain for Automatic rule compliance and trusted transactions will boost speed and profits

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Blockchain supply chain for Automatic rule compliance and trusted transactions will boost speed and profits

Blockchain supply chain management are poised for rapid growth

Blockchain offer a solution to the growing problem of how to manage increasingly complicated networks of manufacturers and suppliers at a time when transparency, speed, and agility are critical.

A typical carmakers is likely to work with about 30 partners and many more suppliers across multiple industries to produce the technologies, applications, platforms, and services needed for a smart car.

Blockchains enable improved supply chain management that is more transparency and faster by the following means:

* Time-stamping, tracking, and automating transactions, so that events can be audited in real time
* Minimizing the involvement of intermediaries such as bankers, insurers, and brokers
* Setting up a wide range of self-executing contracts to automate repetitive processes such as billing and shipping
* Establishing proof of quality, provenance, payment, and performance to minimize counterfeiting and fraud
* Making it easier, faster, and cheaper to onboard new vendors and partners by assigning digital IDs

A blockchain’s checks and balances address the trust problem. The technology provides a shared, trustworthy platform for updating information such as the financial strength of vendors, payment conditions, quality standards, pricing, delivery requirements, service specifications, and conflict resolution procedures. This information platform can make onboarding of new suppliers much faster and more efficient, with far less time spent on due diligence.

<>BSmart Contracts automatically enforce rules and agreements
Blockchain enable smart contracts which are electronic agreements that self-execute according to predefined rules. By virtually guaranteeing the performance of often unknown suppliers, smart contracts allow companies to bypass conventional ways of establishing trust. Given the speed and ease of executing these contracts, companies could save substantial time and money.

By | 2018-04-02T17:50:40+00:00 April 2nd, 2018|Categories: blockchain, fintech|Tags: , , , |Comments Off on Blockchain supply chain for Automatic rule compliance and trusted transactions will boost speed and profits

About the Author:

Brian Wang, MBA and BSc, is a business oriented futurist, speaker and author of emerging and disruptive technologies. Sole author and writer of nextbigfuture.com, a science focused news site that covers disruptive technologies and trends globally in industries including Medicine, Technology, Science, Artificial Intelligence, Robotics, Biotechnology, Nanotechnology, etc. Nextbigfuture is Ranked #1 “Science News Blog” worldwide by Alexa, an Amazon company. Website traffic: 2M page views per month and 4M unique readers annually. Lecturer at Singularity University - provided 4 annual reviews of developments in nanotechnology. Sought after speaker at TEDx (lecture on Energy), University of Toronto (futurism) and Transhuman Visions. Contributor on 10-year plan for the Institute for the Future.