The blockchain is one of the most innovative and trending technologies in the world today. Originally designed for the Bitcoin cryptocurrency, it is now being utilized in many domains. In simple terms, a blockchain is a digitized, decentralized ledger. Experts claim that it has the potential to completely transform business processes. Read on to find out how.

Technologically, a blockchain is a list of records, known as blocks, that are linked together using cryptographic functions. It can be called a decentralized database. Each block is linked to the block that came before it. New blocks are added by users, and verified by other computers in the chain. Therefore, a blockchain is resistant by design to unauthorized altering or corruption of records.

Imagine a database that has many, many copies. WIth each transaction, all of these copies are updated. If someone tries to modify a record, all instances of the database will have to be modified. This is virtually impossible.

In a blockchain, any transaction is easily verifiable. This provides a valuable characteristic: consensus. There can be no dispute regarding the data’s authenticity.

The blockchain has become synonymous with reliability, security, and transparency. More and more businesses are reaping the benefits of blockchain. Some are even claiming that the blockchain is the biggest invention since the internet, and we fully agree.

The management of goods and services, from raw materials to finished products, from source point to consumption, is known as supply chain management. It is critical for a business to properly manage their supply chain as it directly affects the business’ revenue. To do this effectively, supply chain management (SCM) software is used.

Ideally, SCM software should offer an overview of the whole supply chain, and the ability to track and locate each batch of goods. From raw materials to components to finished goods, and then to retail (and sometimes even recycling!), including all stages of transportation and warehousing, come under this. It involves people, processes, cash, and lots and lots of information. You can see how crucial it is to have a good SCM software, and a database to accompany.

As a supply chain grows, it faces inevitable challenges. Difficulties in coordination, organization, and tracking are the foremost among them. When the supply chain is disrupted, its effects ripple through the whole business, affecting revenue, costs, quality, sales, and overall efficiency.

On top of these, difficulties caused by fraud, dishonesty, and unintended human error can make SCM a company’s worst nightmare. Unfortunately, raditional SCM software is not equipped to fight these horrors.

The particular strengths of blockchain are perfectly suited for SCM. In fact, it is one of the foremost areas improved by blockchain, beside cryptocurrency. Its transparency, immutability, and decentralization, if used correctly, can easily overcome the flaws found in traditional SCM
software.

Imagine a supply chain powered by blockchain. Any batch of goods can easily be tracked to its origins, despite changing hands so many times along the way. Everyone involved is accountable. All records are verifiable and resistant to tampering. Fraud is discouraged and visibility of information is high. There will never be a dispute about data again.

What all this creates is an efficient, effective, secure supply chain, which directly leads to increased quality, speed, and revenue.
An important fact: there is an ever-growing demand for transparency from customers.

Whether it is to verify the freshness of vegetables, or the authenticity of branded wear, people of the internet age demand information. With blockchain, you’ll be equipped to give them just what they want.

Don’t just take our word for it. Look at all the pilot programs and test runs done around the world using blockchain powered SCM software. It is easy to see where the industry is going.

In two successful test runs done by Walmart with IBM, involving fresh food such as meats and fruits, the results highlighted, among others:
• Increased safety of food
• Minimized fraud
• More responsible suppliers
• Increased trust among customers
• Minimal wastage

With RevokeX, your company has the opportunity to leverage industry’s most innovative technology. Our blockchain-based supply chain management system, ChainX, is the first of its kind in Sri Lanka. Along with all the benefits mentioned above, we offer:

• Seamless scalability : there is no limit to the number of participants in the supply chain.
• Unparalleled security: immutability guarantees that you can eliminate most internal audits and increase efficiency.
• Progressive innovation: innovation is at the heart of everything we do, and there’s always room for improvement.
• Trust and visibility: we offer the maximum trust and visibility possible in a next-gen SCM software.
• Efficiency, authenticity, traceability, and everything else you’d expect in your ideal supply chain management system, and more.

Our specialist team of blockchain developers and analysts can help you transform your business into a blockchain-powered enterprise. This could be your first step in gaining unmatchable competitive advantage and boosting your business to a new level. Reach us at [email protected] to learn more about how blockchain can benefit your business.