With Blockchain, Companies Can Be More Ethical: The Truth, Or A Myth?

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Want to know more about the products you consume? Have you ever wondered why your package never gets to you on time? Are you sick and tired of merchants getting your information wrong? Do you hate it when big firms break the law and get away with it? Well, why don’t you go to your retailer and let them know about blockchain?

Supply chain management is a reality that a majority of business owners have to deal with. For many, manually counting inventory is the way to do it, painting a clear picture that plenty of progress remains to be made. In some ways, blockchain can streamline supply chain management, making companies more transparent, and improve on accountability between suppliers.

When it comes to big corporations, blockchain technology can open up the endless loops of violations covered up bymutable records. So firms that behave badly will be forced to abide by the law.

Here are some of the possible use cases of blockchain technology on supply chain management.

Transaction Settlement: Blockchain technology facilitates faster transaction settlement through peer-to-peer direct payments, automatically recording transactions, and executing both transactions simultaneously.

Transparency: With the combination of accessibility, transparency, and reasonable anonymity, auditors get their work simplified by easily focusing auditing resources.

Costing Information: Costing information can be stored and accessed from external financial records systems for oversight.

Consolidating Shipping Data: The blockchain’s shared, so the decentralized ledger can provide a uniform mode of record keeping, accessible to all players in a supply chain, and updatable in real time.

Preventing Compliance Violations: Blockchain is an interoperable record, which corporate managers need to ensure that all levels of the top-echelons of the company comply with regulations, thereby avoiding fines.

Reducing Human Error: Blockchain supply management can reduce reliance on humans by automating transactions, data entry, record keeping, and inventory tracking systems.

Automation: Blockchain offers one of the most reliable, advanced, and secure ways of automating supply chain processes, and thus reduces waste and saves money.

Automated Purchasing and Planning: Blockchain can unify the supply chain records, and thereby improve on the speed in which information is shared, for cost-saving purchasing decisions.

Fighting Counterfeit Goods: By combining records from every supplier and monitoring workflow within the supply chain, counterfeit goods will find it hard to get to the consumer.

Law Enforcement: Using an immutable record can reduce instances of tariff and regulatory avoidance in international trade.

Corporate entities should consider incorporating blockchain to create some sort of buttoned-down image when it comes to corporate ethical conduct.

Do you agree with these use cases? Let us know what you think.

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