What is Supply Chain Management?
Supply chain management is the oversight of funds, raw materials, components, and finished products, as they move from suppliers, to manufacturers, to wholesalers, to retailers, to consumers. This movement can occur both within one company, or among several companies. As assumptions change over time, the supply chain models can begin to show weak performance metrics. Good supply chain management will keep product quality consistent, and also prevent either understocking or overstocking of inventory.
There is a lot more to it, however the above is good enough to understand the context of blockchains and its usefulness
Enter Blockchains – A Game Changer!
Blockchains are currently being used to solve problems in supply chain management by eliminating the need for a trusted third party to certify raw materials, components, or finished products, as they travel through a supply chain.
Every participant, or node, contains a copy of all transactions. This provides an audit trail of every transaction that has occurred in the system. A change would be validated or rejected by the nodes in the system. Because all participants have a copy of all past transactions in the network, any participant can detect if a product is not as advertised.
Instead of examining raw materials, components, or finished products at several points in the supply chain, a record of the inspection would be available and bound to the item as it flows through the supply chain. Although a record of the transaction is public and tied to the movement of physical items across the network, specifics such as the quantity of goods, or the identity of the parties transacting, can be done pseudo-anonymously in a blockchain.
Such a granular view of movement through supply chains improves resource allocation.
8om Trckr (Inventory Management Solution)
At 8om, we took a similar approach to allow a semi-decentralised way to control inventory. Each level in the supply chain is able to have its own interface where they can manage their inventory (of that specific brand) and make transactions like Sale, Return, Purchase Order, etc. The platform also includes advanced reports that allow you to perform business operations effectively and efficiently.
We are also exploring blockchains in production application and soon we would be able to migrate to a fully implemented solution.
To know more; https://8om.io/trckr