In the era of e-commerce, the modern-day customer expects companies to provide products and services in an instant. Those single-day deliveries and one-touch payments have further heightened customers’ expectations. However, fast deliveries and changing customer needs are not easy to fulfill — especially without the support of an automated, robust, and collaborative supply chain network. Fortunately, new-age technologies such as blockchain and IoT have the potential to create transparent, connected, and strong supply networks. Here’s how these technologies are transforming supply chains as we know it.
Harnessing blockchain and IoT for improved visibility
Blockchain is a digital ledger that stores information on multiple systems and grants access to authorized users. While this decentralized technology is used to record transactions in a secure yet transparent manner, IoT (Internet of Things) links the physical world to the digital world. It collects data from objects, performs analysis, and communicates the same to systems and users. Together, these secure and integrative technologies track goods and share real-time data with every participant in the network. Here are a few advantages of blockchain and IoT:
● Provide a continuous flow of information to different stakeholders across the supply network
● Simplify traceability by linking data to specific products and materials
● Ensure captured and received data is secure and tamper-proof via encryption
● Eliminate the need for paper-based records, reduce administrative cost, and increase the speed of decision making
How H&S utilizes these high-end technologies
H&S offers a blockchain- and IoT-based track and trace solution that helps enterprises keep a record of outward and inward warehouse movements. The solution comprises of three layers:
● IoT layer - A tag assigned to every package that enters the warehouse
● Blockchain layer - A mobile app to record the stock stored in the warehouse and conduct stock audit automatically
● Enterprise layer - A software to track stock movements and generate audit reports in real-time
How does an automatic track and trace solution work
● A blockchain-enabled mobile device mounted on the warehouse gate takes stock as soon as the goods enter
● Each product is assigned an IoT device which interacts with the H&S mobile app
● The warehouse employees check stock instantaneously by moving through the facility with the app on his/her phone
● The app alerts the employee if the product is stored at the wrong location or the wrong product is dispatched
The benefits of automatic track and trace
● Saves time by conducting stock audits in minutes, instead of hours
● Reduces human errors
● Decreases incorrect dispatches
● Eliminates the need for barcode scanners and RFID readers
As most enterprises today outsource logistics to specialized firms, it becomes hard to ensure visibility and collaboration in the supply chain. The good news is, these challenges can be solved by those logistics partners that are equipped with advanced technologies. H&S’ blockchain and IoT-enabled supply chain solutions are the right fit for those enterprises that want to reap the benefits of 4.5PL without compromising time, security, and quality.
Source:
● https://blogs.oracle.com/profit/the-benefits-of-iot-and-blockchain-for-the-supply-chain
● https://www.iotworldtoday.com/2020/01/11/supply-chain-iot-needs-blockchain-to-fully-mature/