Mar 31, 2022
As millions of items are continually created, transferred, and exported, supply chains form the backbone of a system’s economy. The global economy is dependent on a rapid and efficient global supply chain, which is worth more than $15 trillion. To operate the business, any firm today must have an extensive database. As these databases grow in size, their complexity increases, and it is critical to comprehend and collect the essential information to help the organization grow efficiently, in addition to the maintenance required to keep them working. This is a factor where supply chain management and blockchain in logistics come into play.
Current scenario of the logistics sector: A need for robust tracking and tracing mechanism!
The logistics sector was valued at $8.1 trillion in 2017 and is expected to almost treble that amount by 2023. The logistics industry is getting increasingly complex, with supply chains including an increasing number of facilities and third-party vendors for product processing, fulfilment, and transportation. According to industry estimates, around 10% of all freight invoices include and give incorrect data, resulting in various disputes and inefficiencies in supply chain management and logistics. The application of Blockchain in logistics will provide a solution to this problem of Supply Chain Traceability.
Blockchain is already transforming the logistics industry. In the supply chain, Blockchain allows ongoing transparency and authentication of transactions shared by various supply chain parties. Because it retains transactional information in a tamper-proof and irreversible way, it is a viable technological approach for adding Supply Chain Traceability into the conventional ecosystem. Furthermore, integrating and enforcing Blockchain with smart contracts in the supply chain would greatly improve logistical efficiency, smart packaging, and confidence between industry participants would skyrocket.
Despite massive investments to improve part tracking or value tracking in supply chains, most businesses still only have a few part tracking mechanisms. There is a significant disconnect between internal and external systems in many organizations. A traceability system is required to achieve cost savings, reduced wait times, and overall improvements in quality and customer service, which will help organizations gain a competitive advantage. Implementing Blockchain in logistics will solve these issues for businesses across the globe; some of them are:
Blockchain is projected to cause a paradigm change in logistics in the future. It will improve the efficiency of the transaction verification process and aid in the supply of goods and services through mutual confidence among participants.
MSRvantage’s capabilities in improving Traceability
MSRvantage’s Track and Trace solutions offer comprehensive and dependable methods of increasing security and providing end-to-end visibility across trade partners. Track and Trace solutions like smart packaging, thanks to the huge capacity of distributed ledger technology, create a secure environment for data interchange and workflow. It enables you to determine the current and previous locations of all goods. Finally, Track & Trace assist you in combating fraud and counterfeiting by offering a comprehensive perspective of the complicated product journey. Companies can share track and trace data with their consumers. Customers will gain trust as a result, and they will be able to check the product’s validity. MSRvantage Track & Trace systems may be relied on by industries and organizations in a variety of sectors for speed, transparency, Supply Chain Traceability, efficiency, and accuracy.
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