Blockchain technology is a digital ledger of publicly formed data entries. Each entry signifies a block in the chain of information. Hence, developing a detailed, recognized trail of data. What makes blockchain so successful is its infrastructure. In blockchain technology, one cannot change the data without changing the following entries. Similarly, as data is possessed across a collaborative network, all the contributors in the blockchain network can witness any and every change made.
In this fast-moving world, everyone is moving fast, and products are no exception. Amidst this efficient era, you can use blockchain technology to ensure your products are traceable and secure. After all, blockchain is not just about cryptocurrency; it offers a massive range of solutions for loads of diverse industries.
The most protuberant blockchain user is the FinTech or financial technology sector. As already mentioned, cryptocurrency has been one of the initial and hugest blockchain users. However, blockchain technology is valuable for any sector with an IoT presence demanding security and traceability. Hence, the technology can create exceptional opportunities for improvements in the supply chain with solutions like blockchain encrypted QR codes.
Fake goods have always been worrying both suppliers and consumers. Industries are losing a huge amount of money because of counterfeit products. The distributed ledger collection of blockchain technology offers you a chain-of-custody log that records every stage in the supply chain process. Blockchain also allows an organization to offer a complete product history to customers. It is right from the assembly line to the purchase. You can easily recognize fake products and hence, ensuring credibility and trust.
Smart Contracts act like regular contracts, except for a few changes. Traditional contracts are enforceable in a technical way; Smart Contracts act independently of the parties concerned. On the Blockchain network, a Smart Contract works and profits from all the technology’s safeties. A few of the protections are immutability, openness, and time-stamped. With Smart Contract, parties underline a series of conditions for doing business. If any party achieves a term or origins an occurrence, a smart contract performs itself automatically.
Transparency & Traceability
Transparency constructs trust by capturing key data points, like certifications and claims. Hence, it offers open access to this data publicly. Once you register it on the blockchain network, any third party attesters can verify its authenticity through an encrypted QR code. One can access and track it by scanning the QR code. The QR code will permit access only if the hash value on the QR code matches the hash value on the QR code on the blockchain network.
Today, most shoppers want the maximum possible details on their goods. They even look forward to knowing where their items grow and the conditions in the factory during processing. Hence, blockchain technology can help customers get accountability for the needed transactions. Customers can check the entire life-cycle of a product, and companies have no way of exploiting it.
The bottom Line
Blockchain is a good way to authenticate products and prevent forgery. With blockchain technology solutions, you can achieve security, efficiency, effectivity and peace of mind in your supply chain procedures. Get started with the perfect blockchain solutions with ProofEasy.