The transparent nature of blockchain, and the ability for transactions to be traced easily makes it a suitable piece of technology for supply chain management.
Supply chain management involves a combination of activities in the planning and execution of product flow and quality control of processes in the various stages of manufacturing or service delivery. It is an essential aspect of the everyday life of several industries, especially those involved in one form of logistics or the other.
How Are Processes Managed on Blockchain?
Effective supply chain management can be a cumbersome process, especially when external entities are involved. Using existing technologies, third party reliance does not guarantee effectiveness and proper service delivery. Therefore, emerging technologies through blockchain are bringing forward more effective ways of organising data, product and service management processes.
The Volum platform, using blockchain technology provides a streamlined system where a common native currency is used to track processes effectively. This is achieved via B2B marketplace transactions powered by smart contracts and advanced data analytics.
These processes occur without the usual possibility of intermittent human interference, and without any form of central control, respecting the conditions of already established smart contracts. Also, as an immutable technology that is open to all participants, it is easy to track and trace events, making it easy to identify any issues that may arise within the shortest possible interval.
Supply Chain Management by Volum
As a holding company, Volum primarily takes up minor stakes in several other companies that qualify for investments based on their standards. Using traditional methods, it will require a lot of time, manpower and infrastructure to effectively track and manage the activities of these companies.
By bringing them together on a unified platform under the common native token VLM, a huge cost of the management and infrastructural cost is eliminated. Also, expended manpower is reduced and the margin for error in management becomes almost non-existent.
In today’s business world, digital technology has introduced a fast moving ecosystem where delays in decision making can become very costly. Therefore, by significantly reducing the turnaround time where supply chain management is involved, the Volum platform gives investors an edge in a competitive business environment.
Blockchain is a revolutionary technology, and its implementation is disrupting existing ways of doing things. Process awareness, which is the basis of supply chain management is enhanced through the much improved systems offered by blockchain. Hence, in an evolving world of B2B transactions, the benefits of such a technology cannot be overemphasized.