Consumer demand for transparency, sustainability, and fair trade have increased the complexity of global supply chain management (SCM). It requires businesses to overhaul non-integrated supply chain systems to match rising customer expectations. Recent technological advancements have the capacity to resolve various supply chain challenges. One such advancement is distributed ledger technology (commonly known as blockchain technology). It can eliminate critical glitches in the supply chain with features like traceability and provenance tracking.
Leading manufacturing and retail businesses are recognizing the impact of blockchain technology on supply chains, especially Hyperledger application development. They are exploring opportunities to accurately trace assets, improve transparency, and enhance licensing of services, products, and software. Blockchain and automated smart contract payment solutions provide effective mechanisms to achieve such goals.
**Challenges in the supply chain industry ** Stagnant, expensive, and resource-hungry processes Opacity and trust issues Improper management of quality and compliance Complex data management and integration Counterfeits and fraud Unreliable and insecure data
**Benefits of blockchain for supply chains ** Traceability and transparency Real-time tracking Faster transactions Trustless chain Error and fraud elimination More secure, cost-effective, and efficient Significance of Hyperledger Sawtooth for better SCM Hyperledger Sawtooth is an enterprise-grade blockchain platform suitable for developing industrial solutions. It improves SCM with traceability and provenance tracking, which include factors like temperature, humidity, and location tracking. It provides businesses the ability to share information with customers and build more effective relationships. In addition, the Sawtooth platform is ideal for developing custom supply chain solutions for specific use cases.
Hyperledger Sawtooth’s Benefits for the Supply Chain Industry