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As humans, we tend to ignore the small tasks involved in a gigantic project. For example, we could delight in the delivery of our new Play Station, but we would never think about the fact that it arrived!

Well, it's not just Play Station, but the initial processing of each product that is delivered to us. To be precise, there is a complete chain of several interconnected elements that are responsible for delivering the required products.

Do you know how this connected chain is known?

Supply chain

From sources of raw materials and factories to the entire distribution network, it consists of several elements that interconnect the entire process. Now let's get into some details.

What exactly is supply chain management?

The proper management of transferable goods, information and services, which involves the movement and storage of raw materials, from one place to another is known as supply chain management.

It consists of a well integrated planning and the final execution of several processes. Here are the 3 main things it consists of:

· Material flow

· Information flow

· Financial flow

It consists of a network of several individual entities, companies, organizations and technologies that participate in the manufacture of goods or services. The chain generally begins from the delivery of the raw material to the manufacturer until the delivery of the finished product to the user.

A good supply chain flow can generate large sales and revenues. It is also responsible for the reduction of fraud and any additional costs. Last but not least, supply chain management is also one of the reasons behind the huge production and distribution.

Of course, it may seem like a piece of cake to you, but maintaining a supply chain is nothing less than moving a mountain. The interconnection of various elements in companies slowly becomes very difficult to maintain, as soon as companies begin to shine. This is the reason why emerging companies have begun to adopt technologies such as artificial intelligence, machine learning and, most importantly, blockchain technology.

So, let's see how blockchain is providing solutions to the problems facing supply chain management.

Blockchain technology in the supply chain industry

Let's look at the advanced and automated solutions provided by Blockchain technology to this industry.

1. Reduced cost

In supply chain management, real-time monitoring of goods and services, with the help of blockchain, lowers the overall costs of moving items. Applications based on blockchain technology reduce fraud and eliminate the risk of duplication.

2. Building trust

The most important thing that is necessary to maintain a complex supply chain with several participants is trust. The immutable feature of blockchain technology guarantees the same.

3. Origin tracking

Giant industries and companies have a lot at stake in their supply chain. What makes tracking each record very difficult. With blockchain-based supply chain management, source tracking becomes much easier.

The more we explore this area, the more solutions we can discover. It would be interesting to see what the new decade would bring to the supply chain industry.