A lot of things have been happening in the Ethereum Chain ranging from Serenity Upgrade, Beacon Chain deposit contract, Transition to ETH2, and more.
The need to efficiently manage the supply chains is not going to cease and with Ethereum Network proving its scalability, the bulk of the supply chain management apps will be on it.
Commenting on Ethereum, Sydney Ifergan, the crypto expert tweeted: “Ethereum Network can powerfully disrupt the supply chain management in use case, clearing up the inefficiencies with blockchain technology and ETH.”
A prototype of an app on the Ethereum Network for supply chain management on blockchain is particularly useful because problems created due to errors, redundancies, and duplicates can be dealt with.
For those who are just getting to know the world of blockchain, these decentralized applications (or “Dapps”) bring with them the benefits of cryptocurrencies like ETH and also the blockchain technology.
Dapps are reliable for managing any business process as they are reliable and predictable, which means that once they are “uploaded” to Ethereum, they will always be running as programmed.
Ethereum and the Supply Chain Network
There are a lot of inefficiencies in the Supply Chain and to fix it blockchain technology can help.
If the supply chain management systems are hosted on the Ethereum Network blockchain, it can be used to track everything from transactions to an exchange of goods. The distributed ledger permits for automatic recording of data onto the blockchain.
Software development teams are encouraged by the potential facilitated by the Ethereum network particularly because the protocol design is open source. Thus, the Ethereum Network is able to serve as a source for several apps to run on.
The programmable digital ledger can be used to track value and data. Thus, it is capable of facilitating efficient information management and authenticity of data. The ability to provide for transparency in supply chains makes it possible for brands to be able to exactly mark the source of goods and exactly document the details of how the goods change hands. Thus, the accountability factor about how is liable for the different transactions is sustained and well documented and easy to track.
Brands have a lot to be careful about when they are getting back to business after the Covid pandemic. It is becoming important for businesses to become innovative to ensure quality guarantee for their customers.
By using a blockchain tracking system customers will be getting an accurate and transparent idea of where their products are coming from. The farm to store story gets more authentic. Furthermore, weak spots in the supply chain can be efficiently managed.