Companies invest a lot in their digital infrastructure, their computerized enterprise resource planning (ERP), and supply chain management software. Yet, despite their expenditure, they have very limited insight and visibility about the location of their products at any given moment.
This problem can be tackled very efficiently with the introduction of blockchain in supply chain. A blockchain’s shared IT infrastructure streamlines workflows for all parties, no matter the size of the business network.
Blockchain in supply chain can help make partners of businesses agree upon and share important pieces of information without involving a middle man to check on everything. Blockchains synchronizes transactions and data along with the whole network, and all the participants verify the calculations and works of the others. Blockchain in supply chain is more than just an unhackable virtual ledger of transactions, it's transparency and peace of mind for the end consumer.
VeChain is a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process.
VeChain is a multi-purpose enterprise blockchain for improving business operations and product tracking.