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Blockchain’s role in supply chain management: Study on Ethereum (ETH)
As the world changes to digital change, the concept of supply chain management (SCM) is increasingly important. In the event of an E -central trade and global trade, companies face new challenges in managing their efficient supply chains. One popular solution is Blockchain technology, which provides a safe, transparent and decentralized platform to track items at every production, transport and storage phase.
In this article, we are studying Blockchain’s role in SCM using Ethereum (ETH) as a case study. We are exploring how the exclusive rights and features of the ETH can be used to improve supply chain management, to identify potential challenges, and to provide information about the future of blockchain -based logistics.
What is blockchain?
Blockchain is a decentralized digital book that records events on the computer network safely and openly. It uses encryption to ensure the integrity and authenticity of data, which makes them resistant to thumb and censorship. Satoshi Nakamoto released the first Blockchain platform in 2008 as Bitcoin, but since then several other cryptocurrencies have been developed using different protocols.
Blockchain’s role in supply chain management
Blockchain has a number of benefits that can be applied to supply chain management, including:
- Safe and transparent follow -up
: Blockchain enables the creation of a business series through the supply chain, allowing companies to monitor their products from raw materials to end users.
- Improved efficiency : By automating data exchange and reducing manual paperwork, Blockchain -based SCM can increase productivity by up to 30%.
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- Reduced Counterfeit : The transparent nature of Blockchain helps prevent counterfeiting, allowing companies to trace the authenticity of the products.
Ethereum (ETH) as a case study
Ethereum is a decentralized and open source Blockchain platform that allows you to implement smart contracts on your network. Intelligent agreements are implemented independently and are accompanied by special rules and conditions that can automate different processes such as payment processing, data storage and supply chain management.
How Ethereum affects supply chain management
There are some ways in which it affects logistics:
- Intelligent payment processing agreements : ET -intelligent contract resource allows companies to create automated payment systems that can determine events without mediators.
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Challenges and Restrictions
Although Blockchain technology offers numerous benefits on SCM, there are also challenges and restrictions to consider:
- Scalability
: Ethin’s scalability is still a concern, as high levels of event can be difficult to handle.
- Compatibility : Different Blockchain platforms may not be fully interviewed with each other, which makes it difficult to share data between systems.
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