Logistics is one of the most important elements of every industry. Logistics deal with the implementation and organization of the transportation of goods from the place of origin to consumption. The Logistics industry is huge and one of the most complex ones. Goods costing almost 218 bn USD have been imported in a month in the USA alone!
Blockchain technology is a decentralized network where peers can communicate and transact without a need for the central authority. Due to its immutable and transparent nature, Blockchain provides an array of benefits to various industries. Blockchain in logistics Blockchain in logistics helps the industry to solve the challenges and inefficiencies. Every element of logistics has tons of options to deal with. Brokers, shippers, and other stakeholders focus majorly on efficiency rather than choosing the right and best option. In addition to that, the documentation process involved is very cumbersome. This adds more inefficiency and slows the end-to-end transportation process. Blockchain can help to fragment all the complex processes so that supply chain and logistics become more efficient. In order to simplify the process, Blockchain technology is needed to be integrated into the backbone of the logistics. From recording transactions to tracking assets, Blockchain can help to create a transparent and efficient system. Recognizing the potential of Blockchain in logistics: Use cases 1. Improved shipping process When Blockchain is integrated into the logistics industry, the first and foremost thing to be targeted would be shipping and freight. In addition, the technology can help target the delivery process internationally and locally. This would also improve the capacity of the goods that can improve efficiency. Many logistic industries have already incorporated Blockchain into their processes and operations. The end goal of integrating Blockchain technology is to track the shipment in the best possible way possible by working with the authorities. 2. Better Transparency One of the key features of the Blockchain is transparency. If implemented in the correct ways, this feature helps bring transparency to the logistics industry. This helps to build credibility and reduce malfunctions. Apart from the final consumers, B2B businesses also implode due to the reduction in costs and conflicts. The Blockchain-enabled platforms would allow easy coordination between stakeholders for the shared documents. This ensures that trustworthy data is shared across the ledger and hence a secure and transparent network is built. 3. Inventory tracking Tracking inventory is a complex process. Organizations spend a huge amount of fortune in order to make it efficient. According to a recent study, a simple refrigerated shipment passed through 30 different organizations. A single hiccup in this supply chain can cause the container to be upheld or lost. Blockchain technology helps to overcome this challenge by offering the organizations to handle the products at the macro and micro levels. In addition to keeping track of shipments, and creating an immutable and traceable supply chain, Blockchain also ensures that the quality of shipment is also maintained. If any mishandling is recorded, the source of the same can also be easily traced. 4. Settling disputes The cargo industry suffers from a lot of disputes. Each year, approximately $140 billion are tied up with disputes for payments in the logistics and transportation industry. This means more resource expenditure from the organization. Blockchain technology can help to resolve these disputes faster with the help of immutable and real-time tracking information of the shipment. With the help of automation, many disputes can be handled within minutes and can be backed by trustable data. 5. Invoicing and payments Blockchain technology can help to improve the invoicing and payment system by building an efficient and secure system. For an average invoice, a company has to wait for more than 42 days before receiving the payment. Due to the high processing times, many businesses have millions of dollars tied up in their accounts. By using smart contracts, customs clearance and approvals can be made quicker, and hence reducing the processing time for goods as well as payments. Organizations can use smart contracts to automate the entire process and reduce the gaps for errors. Conclusion As the logistics industry morphs and adapts to accommodate the dynamic consumer needs and expectations, it becomes important to integrate new technologies that can change the face of the industry, in this case, the commercial transportation industry. At the time, the main challenges in the logistics industry range from lack of transparency to problems in communication and settling disputes. In order to overcome these challenges, Blockchain technology provides us solutions such as real-time tracking of shipment, smart contracts, better supply chains, and much more. Are you also looking for sustainable Blockchain solutions for supply chain logistics? We are here to help. Debut Infotech is one of the most reputed Blockchain app development organizations. Hire our Blockchain developers to build efficient and robust Blockchain solutions. Connect with us now to know more.
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According to a report by PwC, there are many emerging technologies such as Augmented Reality, Blockchain, Internet of Things, and Robotics that are disrupting today’s business world. Out of the above-mentioned technologies, Blockchain technology is one such technology that many fashion insiders are trying to understand and integrate into their business processes.
Understanding the background Blockchain is a decentralized digital ledger that stores its transaction sequentially on the ledger that is accessible to all the stakeholders of that transaction. This ledger is appended only; making it possible only to add information and not edit or delete it. Owing to the decentralized nature of Blockchain, the peer-to-peer network allows the removal of any third parties such as a bank or government. This concept of Blockchain technology is being applied to supply chains all over the world. The traditional supply chains are centralized making the data sharing between stakeholders minimum and hassle-free. Blockchain overcomes this problem by establishing a chain of transactions that contains all the information of the transactions right from the origin of an item. Relevance in the Fashion Industry The fashion industry comes with its own set of challenges. One of the biggest challenges of the fashion industry is regarding counterfeit products that compromise the quality of items, thus damaging the brand’s reputation. Similarly, there are various other challenges that Blockchain technology helps to tackle in the fashion industry. Some of the use-cases of Blockchain technology in the fashion industry are as follows: 1. Intellectual rights Leveraging the Blockchain technology, manufacturers and designers would be able to protect their brands against replicas and counterfeiting. Using the Blockchain technology, each fashion item can be traced to its source. This application of Blockchain technology would not only prevent the diversification of the profits away from the original brands due to duplicate products but would also make sure that consumers receive the original products they have paid for. 2. Tracking the origin Integrating Blockchain with the Internet of Things technology such as RFID, raw materials can be easily traced from their origin to the production factory. The origin of each item can be tracked, and all the duplicate materials can be rooted at the source. This is also useful in increasing the quality of the original brand. With Blockchain technology, fashion brands can easily identify the weak links in the operation and boost their performance easily. 3. Efficient Supply chain Whether it is the supply of raw materials or the shipment of the final product to the consumers, the supply chain has many drawbacks and inefficiencies in the management. The use of Blockchain technology in the fashion industry would make the supply chain more transparent. One of the added advantages of Blockchain technology is that the records are immutable, thus the transaction of the supply chains is verified. 4. Royalty tracking Royalty tracking also becomes easy with Blockchain technology. With Blockchain technology, designers can not only create an unalterable proof of creation but also track the licensed designs and trademarks. Final thoughts The supply chains that are powered with Blockchain technology can easily transform the shape of the fashion industry in the years to come. With the growing technical awareness, Blockchain technology can be easily adopted in various industries, the fashion industry being one of them. Want to know more about Blockchain-based supply chain solutions? Debut Infotech is the answer to all your questions. Debut Infotech is a reputed Blockchain app development organization. We have the best team of efficient developers and quality analysts that work diligently to cultivate the best Blockchain solutions. Food is an important need for life, but the fact that we often ignore is that the food which provides nourishment, can be harmful too. According to a survey, the costs associated with the foodborne illness range from $55- 93 billion in the United States alone. Looking at the past and current scenario, several companies are exploring ways to use the shared and immutable ledger technology known as Blockchain to renovate the food system.
Food supply chain tracking and authentication help us to truly understand the provenance of the supply chain. The main goal of using Blockchain-based supply chain solutions is to improve the way the food is tracked, transported, and sold to consumers all across the world. The power of Blockchain technology is felt in generating transparency and efficiency in supply chain record-keeping. Challenges in Food Supply chain 1. Food Fraud Due to the complex and complicated food supply chains, tampering, misrepresentation and deliberate substitution have grown significantly. According to a report by NSF, the costs associated with food fraud in the food industry costs around $49 billion each year globally. The most affected categories are milk, milk products, tea, coffee, fruit juices, olive oil, maple syrup, seafood, honey, and much more. 2. Foodborne Illness Out of 600 million cases, 1 in 10 people fall sick after consuming adulterated food. According to the fact sheet by the World Health Organization, 42,000 deaths are recorded every year, leading to the loss of about 33 million healthy life years. Foodborne diseases hinder socio-economic development by burdening the healthcare system, affecting trade and tourism. Blockchain in the food supply chain can be an effective solution for this challenge. 3. Strenuous system The food supply chain is a strenuous and complex system. One of the biggest challenges for the business entering in Food industry is to overcome this complexity of the food system. There are various challenges in adapting to the food system caused by multiple platforms and non-synchronized technologies. The food ecosystem contains various players (i.e distributors, retailers, buyers) and many different layers of structure such as terminal markets, distribution networks, and many more. 4. Growing regulations It is often assumed that the regulations within the supply chain are made to protect people, but these regulations can sometimes also turn the things ugly. To make sure that the regulations are fully served, there can be an increase in costs and struggles. To escape from these regulations, stakeholders would look for loopholes and exploit them, and hence more illegal activities would be performed. Integrating Blockchain in Food supply chain 1. Food Traceability Food traceability is the center of the recent food safety discussions, particularly due to new advancements in the Blockchain applications. Due to the nature of the perishable food, the food industry as a whole is vulnerable and makes mistakes that affect human lives. The current communication framework within the food ecosystem makes traceability a time-consuming process. Traceability is critical for the food supply chain. Blockchain technology would ensure that each player in the food value chain would generate and share data across a distributed ledger that would ensure an accountable and traceable system. 2. Marketplace creation One challenge for commercial food companies is outsourcing the quality ingredients in sufficient quantity. Farmers or producers don’t know what the end consumers are looking for. For a long time, intermediaries have controlled a large percentage of profits. The traditional price mechanism for buying and selling relies on the judgment of the involved players, rather than the information provided by the entire value chain. Digital marketplaces allow the buyers and the consumers to directly connect, and hence increase the amount of profit for the farmers. 3. Food wastage reduction Food wastage reduction is another praise-worthy benefit of Blockchain. According to the food and agriculture organization, out of one-third of the food produced in the world, approximately 1.3 billion tonnes of food gets lost or wasted. This extra food lands wasted on the landfills, depriving hundreds of underprivileged families of the food. Blockchain adoption would help consumers and suppliers to create better supply chains. Suppliers remain informed, inventories are recorded and quality checks are done precisely. Business intelligence and clarity generated by Blockchain technology facilitates better decision making. 4. Data transparency Data transparency is another big issue that raises concerns about the authenticity of the data. On one hand, the disclosure of the data would provide accountability for transactions and farming practices, on the other hand, detailed information might get scrutinized and cause a backlash against businesses if things go wrong. Blockchain with its transparent and visible nature helps to make the data transparent, and available at each node. With a transparent, end-to-end trail of the data, certifications, product identifiers, and other data, retailers can open their books with a clear conscience. Final Thoughts Adopting Blockchain technology in the food supply chain can be a transformative approach, and it would also provide better visibility in the otherwise bumpy journey from harvest to retail. However, all the parties in the chain need to follow the best practices to embrace technological change. As Blockchain is a form of database, its eventual power will be proportional to two factors: the quantity and the variety of good, clean, and true data loaded supply chain and the number of stakeholders in the supply chain. Want to know more about how Blockchain can be integrated into the supply chains? Connect to our Blockchain app development experts. Managing the supply chain is the greatest challenge for any organization. In the pharma and healthcare sector, supply chains require special attention due to the increased associated risks and complexities – because a compromised pharma supply chain can compromise a patient’s health and safety. Blockchain is rapidly gaining much importance in every sector due to its underlying benefits. From the financial sector to healthcare, Blockchain is revolutionizing all the industries. Increased adoption of technology and globalization has complicated the health supply chain furthermore. Let’s have a look at how Blockchain can improvise the pharma supply chain! Challenges in pharma supply chain According to a study by OESD, the counterfeit goods in any supply chain account for about 2.5 percent of the global pharmaceutical drug trade. Many experts have also claimed that the number of counterfeit drugs in the supply chain is twice the number of legal pharmaceutical trade, making this a serious issue. Here’s the reason why we need Blockchain in the pharma supply chain:
Blockchain technology in pharma supply chain: Re-shaping the distribution system The pharma supply chain involves different stakeholders as mentioned below:
The data which is stored on the Blockchain can help in easily tracking the transactions. Addressing the challenge of cold-storage, IoT enabled vehicles with temperature sensors can help deliver the drugs. This enables you to get the real-time location of the drugs, and hence, immutability and transparency can be increased.
These signed transactions would enable the smart contracts, and hence the drugs would be sent further to hospitals or pharmacies.
Once the pharmacists have approved the drugs they have received, the transaction between the pharmacy and distributor is added to the Blockchain, which ensures the legality of the transaction.
Benefits of Blockchain in Pharma supply chain
Hence, the benefits Blockchain technology brings to the table surrounding supply chain are quite evident from the above-said. Blockchain has the solution to all the legacy problems in the pharma supply chain, owing to its immutable, transparent, and centralized nature. Debut Infotech brings constant technological innovations to your enterprise and business operation by leveraging the power of Blockchain technology. Get efficient SaaS-based Blockchain supply chain solutions with Debut Infotech. Drop us a line at [email protected] to know how we can help you. The initial years of the 21st century have seen some massive inventions that impacted the whole world. Be it the internet, computer, or the new sensation ‘Blockchain’, which is considered one of the greatest inventions of this modern era, taking the world by storm by its revolutionary work in data management. Many industries are leveraging the benefits of this great technology, and the healthcare industry is no exception. Today, the healthcare industry is switching towards a patient-centric approach. Due to the increasing number of patients and ailments, it’s difficult to manage and collect the information for every patient. Although managing data and records have taken a great leap from paper to digital, the problem of sharing data between the systems still persists. This is where Blockchain technology comes into play and makes things more simplified. Image source: https://bit.ly/2QjxOYQ Blockchain has widespread implications for the stakeholders present in the healthcare industry. In the healthcare system, a huge amount of data scatters around multiple computers. In order to use the information in a systematic way, all systems need to be checked which takes a lot of time to go through. Today’s healthcare system is not able to handle all the data. Hence, Blockchain is the best solution for all data management problems in the healthcare industry. With technological innovations continuing to find a place in the healthcare industry, health data security is the topmost priority for organizations of all sizes. Blockchain technology organizes the data so transactions can be verified and recorded through the consensus of all parties involved. In this blog post, we will unpack some key applications of Blockchain and how it can revolutionize the healthcare industry in the coming future. So, without further ado, let’s get started. Applications of Blockchain in Healthcare 1. Patient Health Information (PHI) Storage: The primary challenge of the healthcare system nowadays is to manage the voluminous health data like health records, payment invoices, medical insurance claims, etc. on a daily basis. As the quantity is increasing day by day, medical organizations are finding it difficult to store and protect the health information of patients. With strong encryption techniques and decentralization methods, Blockchain technology can be utilized for maintaining health records as it provides security and transparency. It also helps medical organizations to ensure regulatory compliance and verify PHI integrity. 2. Medical Fraud detection: Supply chain management is a major issue which needs to be taken care of in all sectors, however, it has greater importance in healthcare due to its increasing complexity. By introducing higher data transparency & improved product traceability, Blockchain prevents fraudulent attacks and provide a safe & secure platform to eliminate the duplicate or erroneous records. 3. Pharmaceutical research: Executing the healthcare operations of a pharmaceutical company takes a lot of time and resources. Due to the increasing costs of healthcare and to innovate faster on new medical treatments, it’s necessary for multiple pharmaceutical companies to find an approach to collaborate competitively. The usage of Blockchain based solutions can enable a technological platform to facilitate the transfer of trusted information among multiple parties. It can also provide a mechanism to share trial and clinical data competitively. Sometimes, it’s difficult for pharmaceutical companies to outsource their clinical research projects. In this scenario, Blockchain can provide proper outcome validation and data integrity. 4. Fake drugs detection: Counterfeit drugs is one of the major issues in the healthcare industry in recent years. The shortage of proper tracking mechanism creates ample of weak links in the supply chain, because of which these drugs can be infused in the supply chain. Blockchain provides a perfectly fitted solution which helps you maintain the supply chain information in a tamper-proof system accessible to multiple parties. 5. Billing claims management: Billing fraud has become quite a serious issue in the healthcare industry. The current processes in the field are finding it difficult to detect the occurrences of fraud. Blockchain in healthcare can go miles towards improving billing auditability and security, while also promoting payment processing and billing efficiency. Also, it provides a solution of direct links between bearers (one who clears the claim) and patients (one who makes the claim), as there is trust inbuilt. Have a look at the list of companies and initiatives that use Blockchain based solutions for billing and claim management. 6. Telemedicine: It is another area in medical care that can benefit from Blockchain technology. Blockchain-based telemedicine platform can ensure traceability & transparency, validate professional identity & data integrity, and provide incentive metrics to the healthcare professionals. Successful advancement of such platform can create a global healthcare marketplace in the future by balancing the global supply and demand for healthcare resources Image source: https://bit.ly/2K2fY8h To sum up, we can say that Blockchain technology has the potential to solve several problems plaguing the healthcare industry today. As a trusted mediator, it can enable novel healthcare solutions; and as an incentive machine, it can enable novel business models that can prove to be extremely useful for healthcare stakeholders like patients and providers. The way the internet revolutionized healthcare and introduced telemedicine, Blockchain technology likewise has got the potential to take medical science to the next level in the future.
According to a study by IBM, around 16 percent of healthcare executives are determined about their plans to implement a Blockchain solution in their work this year, while around 56 percent expected to adopt Blockchain by the year 2020. The promising future of Blockchain in healthcare has a much wider horizon, and this horizon is approaching faster than most people realize. With so many potential use cases and possibilities, Blockchain is sure to disrupt the healthcare landscape for good. If you are looking for someone who could provide a wide variety of custom Blockchain development services for your business, then contact us. We provide an inclusive range of custom Blockchain development services and enterprise-grade implementation solutions for leading Blockchain platforms, protocols, and permissioned ledgers, including Hyperledger, Ripple, Corda, and Ethereum. You can drop us a line at [email protected] or call us at 1-703-537-5009. |
About AuthorKiara Robbins is a Content creator at Top leading Mobile App development company having offices in USA & India. We develop Mobile Applications such as Android Apps , iOS Apps and Web Applications for clients across the globe. Archives
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