By holding the hand of Bitcoin, Blockchain was first introduced in the market in 2009. After that, it started shaping the process of different sectors. Not to mention the financial sector was its very first playground. Gradually, people started to realize how potentially excellent this amazing technology actually is.
The decentralized and secure natures of Blockchain are responsible for making it the favorite of various businesses.
Along with saving time, storing and distributing information safely, and making the transaction cheaper and faster, Blockchain technology has also changed the streamlining of supply chains for many businesses.
In simple terms, the usage of Blockchain is not limited to only Investing in Bitcoin using Cryptocurrency trading platforms like the bitcoin era. It is now being used for a list of other crucial tasks.
As we have mentioned, in order to improve the transparency of the supply chain, Blockchain can be used, and a lot of large businesses have already started using it.
With this, a question comes, and that is;
“Can Blockchain really assist in fixing the broken supply chain?”
Here, in this article, we will find out the answer.
Modernizing Old Critical Technologies
Let’s start with having some live examples of different companies.
Baseline protocol, a non-profit consortium, has already been engaged in a new process that is named “baselining” enterprise techniques. You might remember that a few months back, SAP had mentioned inter-enterprise and cross-company communication.
The earlier mentioned techniques were all about making a lawyer on the Ethereum Blockchain.
Currently, Coca-Cola is piloting this in all of their bottling forms that are located in North America. They are actually also searching for ways to improve transparency throughout their entire bottling supply chain.
In order to modernize EDI, this Baseline Protocol can be used. In order to solve some existing issues throughout the supply chain, such as order placement, stock monitoring, invoicing, and extra.
You might be surprised to know that Baseline is backed by Accenture, Microsoft, EY, and Consensys.
Proposing Government Into The Future
CargoX, a Slovenia-based startup, introduced a cope a while ago with the federal government of Egypt in order to assist with modernizing customs procedures, particularly for ocean freight in the entire nation.
In the year 2021, the Ever Given mess in the Suez Canal pushed into the general public eye. To be honest, most individuals do not have any idea about the modernization of port procedures of the Government of Egypt that they implemented in 2019.
When the Covid-19 hit and harassed businesses, all those steps of enhancement and modernization actually helped Egypt offset a number of points others were experiencing during that time.
By providing Advanced Cargo Manifestation know-how to Egypt, the CargoX platform facilitates the customs procedures. The main objective here is to decrease the time that is held in customs and also the cash that is spent on bodily documentation.
With the help of the Ethereum blockchain, the CargoX platform has unlocked automation along with normal efficiencies. As a result of this, the time was reduced to only 9 days from 29 days, and the compliance price fell to $165 from $600.
Apart from the compliance price, a discount on storage and detention price was also encountered.
CargoX’s digital Blockchain-based bill of particular landing documentation for shippers can be identified for saving both time and price.
Traceability And Sustainability Of Materials
On the premise of the Ethereum Blockchain, the UNEC (United Nations Economic Commission for Europe) and FAO (United Nations Food and Agriculture Organization) have launched a cotton traceability project together.
The main objective here is to benefit and accelerate the visibility of small household farmers. Along with that, it is also for enhancing the complete function and interaction with the worldwide market.
Where Can It Reach?
There is no doubt in the fact that Blockchain technology can actually streamline the entire supply chain of a business. Whether it is inter-enterprise or inter-nation, Blockchain technology is ready to offer a complete solution.
It already has improved the production and also streamlined the entire procedure from ordering raw materials, tracking the shipment, generation of bills, and checking the stock.
Still, it has a long way to go.