The Blockchain can increase supply chain efficiency in applications such as VeChain, one of many crypto protocols designed to enhance supply chain management. The advantages of such a supply system allows stake holders to have unprecedented tracking of a supply chain from storage, transportation, and supply for greater market transparency.
How VeChain Improves Supply Chain Efficiency?
In order to "blockchain" the supply industry - VeChain uses smart chips (RFID) tags and sensors to broadcast key information that can be accessed by the blockchain in real-time.
Supply Chain Use Cases
The more granular aspects of supply chain monitoring could be used to track authenticity, quality, storage temperature, last-mile delivery of urgent goods, and transportation medium.
Imagine being able to know if prescriptions where stored outside their temperature range, to improve quality control, or being able to know if the drugs where created in an authentic matter. Other use cases would support allowing automobile owners to own their data and negotiate better insurance policy terms.
Why Not Use Serialised Products Instead of The Blockchain?
The USA made plans to fully serialize products, so they can be tracked, but this relies on the trust of each manufacturer implementing independent protocols. A decentralized protocols empowers all parties of the supply chain to authenticate supply chain processes without the reliance of others. This could possibly prevent the destruction of 7-10 billion dollars worth of returned pharma, by being able to accurately track its entire journey.
