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Supply chain is the entire process from the point of origin of a product to the point of reaching the consumer. This process includes everything related to the production, supply, and distribution of a product. Currently, there are various types of problems in the supply chain. Such as lack of information about the source of the product, fraud, and irregularities. Blockchain technology can play a powerful role in solving these problems.

Supply chain problems

There are several important problems in the current supply chain system

Lack of transparency : Sometimes accurate information about the source of the product, the manufacturing method, or the ingredients used is not available. As a result, consumers often do not know where the product comes from or whether it was produced in a fair way.

Risk of fraud : From luxury goods to food, there is a risk of counterfeit products in many cases. These counterfeit products not only deceive consumers, but also damage the reputation of the brand.

Lack of efficiency : The old supply chain system has to rely on paperwork and manual tracking. This method is very slow and prone to errors.

Blockchain Solution

Blockchain technology can solve these supply chain problems. How to use blockchain to track every step of the product's source, production, and transportation.

Product Track : Using blockchain, data from every step of a product’s journey, from production to distribution, can be recorded in an immutable digital ledger. Each product can be tracked by linking it to a specific blockchain token or NFT.

Smart Contracts : Smart contracts automatically execute transactions and conditions, making the supply chain more efficient. For example, when a product leaves a warehouse, the smart contract automatically records that information on the blockchain and allows it to be transferred to the next step.

Live Data : Blockchain provides detailed information about the origin of each product. As a result, buyers can easily scan a QR code to see the journey of the product. This tells them whether the product is genuine, where it came from, and what its quality is.

Practical Examples : Food and Luxury Goods

Blockchain is already being used in some industries

Food industry : Blockchain is used to record every step of the food chain from the farmer’s farm to the supermarket. This ensures food safety and quality for consumers. For example, if a batch of food is contaminated, blockchain can quickly identify the source of that batch and remove it from the market.

Luxury goods : Blockchain is very effective in products such as luxury watches, jewelry, and bags. Each product is tracked with a digital identity, which ensures that the product is genuine and has not been subject to any kind of fraud. As a result, both the seller and the buyer can be sure of the originality of the product.

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Conclusion

Blockchain can make the supply chain more efficient, secure, and transparent. It not only makes businesses profitable, but also helps in gaining consumer trust and meeting environmental standards. Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.

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