By Pawan Kumar
Blockchain technology has emerged as a game-changer in the world of supply chains, redefining transparency and security. This transformative innovation has revolutionized the way businesses manage their operations, making processes more efficient, accountable, and reliable. In this article, we delve into the intricacies of Blockchain Technology and its profound impact on enhancing transparency and security within supply chains.
How Does Blockchain Technology Work?
Blockchain, a decentralized and distributed digital ledger, operates on a peer-to-peer network, enabling participants to securely record and verify transactions. It functions through a series of interconnected blocks, each containing a cryptographic hash of the previous block, creating an immutable chain. This technology uses consensus mechanisms like proof-of-work or proof-of-stake to validate transactions, ensuring data integrity.
Advantages of Blockchain in Supply Chains
- Improved Traceability
Blockchain enables end-to-end traceability by recording every step of a product’s journey on the…