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Usage of Blockchain in Supply Chain Management

Blockchain is the new trend in the digital space replacing all the present technologies and making way for the change that industries have been working on in the digital space for so long. Adopting blockchain into the supply chain will improve the way how supply chain management businesses have been performing for so long. Blockchain brings transparency, traceability, and security to the whole system. Apart from this, adopting blockchain makes the supply chain process every piece of information under the decentralized system.

Blockchain stores every piece of information of every product in the nodes making it secure and preventing any kind of data theft, blockchain is focused on privacy concerns. Also, it streamlines the whole process making the process simple and it helps to go through the flow of the process from the initial stage to the end delivery point. This helps to analyze, monitor, and make future changes in the flow of the work. So, blockchain in supply chain management brings multiple benefits to the supply chain business with its adoption.

Re: Usage of Blockchain in Supply Chain Management

Advantages and disadvantages of using bitcoin

Due to bitcoin's relatively novel nature, its price can increase or decrease unpredictably over a short period of time, and it can sometimes be more illiquid than other types of currency. This means that keeping your savings in bitcoins is a risky decision and not recommended. Bitcoin is seen as a high-risk asset, and it is not advisable to store money in bitcoins that you cannot afford to lose. On the other hand, due to its high volatility, those willing to take a risk may see considerable returns over a short period of time. Lack of awareness and understanding of bitcoin means it is relatively rarely used among businesses as a billing method. Once more and more businesses and private individuals start using bitcoin, its volatility and its liquidity risk should settle down.

Another thing to consider before acquiring bitcoins is the security of your digital wallet. Like your real wallet, your bitcoin wallet needs to be safe. Indeed, since bitcoin makes it possible to quickly and easily transfer funds anywhere in the world, the security concerns it poses are even greater. Remember, it is your responsibility to adopt good security practices. Overall, bitcoin is considered to be a safe and transparent system due to its cryptographic security. As a bonus, bitcoin users can enjoy considerably smaller transaction fees than those charged by credit cards or PayPal.