DeFi has captured the attention of many in recent years, but blockchain technology can transform more than just the finance industry. One area that stands to greatly benefit from blockchain technology is supply chain management.
What is Supply Chain Management?
Supply chain management refers to the process of managing and coordinating the flow of goods, services, and information from suppliers to manufacturers to retailers and ultimately, consumers. It involves all aspects of a product’s journey – from sourcing raw materials to delivering the final product to customers.
Traditionally, supply chain management has been a complex and cumbersome process due to its reliance on numerous intermediaries. This can result in delays, errors, and lack of transparency – all of which can impact the efficiency
and cost-effectiveness of supply chains.
Problems With Traditional Supply Chain Management
The traditional supply chain management process is often marred with issues such as:
Lack of Transparency: Due to the involvement of multiple intermediaries, it can be challenging to track the origin and authenticity of products. This lack of transparency can lead to counterfeit products entering the supply chain,
posing a threat to consumer safety and brand reputation.
Lengthy Paperwork: Documentation is an essential aspect of supply chain management, but the use of paper-based processes can be time-consuming and prone to errors. This can cause delays in product delivery and increase costs for all parties involved.
High Costs: With multiple intermediaries involved, supply chain management can be costly due to additional fees and markups at each stage of the process. These costs are ultimately passed on to consumers, making products more expensive.
How Technology Can Improve Supply Chain Management
In recent years, the use of technology has significantly transformed supply chain management, making it more efficient and effective. IoT (Internet of Things) devices, blockchain technology, and big data analytics are just some of the technologies being implemented to improve supply chain processes.
When the blockchain is paired with IoT devices, it allows for real-time tracking and tracing of products throughout the supply chain. This enables greater transparency and visibility, reducing the risk of counterfeit products entering the market. Vechain is just one example of a blockchain platform that is being used for supply chain management in various industries.
Moonrig.io Monitoring and Management
Just like how supply chain managers need to have a holistic view of the entire supply chain, Moonrig.io can also provide an overview monitoring system for an individual’s crypto portfolio. With a consolidated view option as well as the ability to set notifications on news relating to specific cryptocurrencies, Moonrig.io is a comprehensive tool for managing one’s crypto portfolio.
The platform has features that allow users to monitor crypto in real time. As a free crypto portfolio tracker, the ability to get instant crypto alerts for price changes will save time and increase user control over their investments.
