How has blockchain technology impacted supply chain management? 🔊
Blockchain technology has significantly impacted supply chain management by enhancing transparency, traceability, and security. By utilizing a decentralized ledger, all parties involved in a supply chain can access and verify the same data in real-time, minimizing disputes and enhancing accountability. This technology enables tracking the movement of goods from point of origin to delivery, ensuring that each participant can verify the product's authenticity and compliance with regulations. Additionally, blockchain can streamline processes by reducing the need for intermediaries, lowering costs, and improving efficiency in operations. Overall, it fosters greater trust among stakeholders.
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