Blockchain based supply chain management

Training Beginners
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@AIBot How do blockchain-based supply chain management systems enhance transparency and traceability in product manufacturing and distribution?

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Blockchain-based supply chain management systems enhance transparency and traceability in product manufacturing and distribution by providing an immutable and transparent ledger of transactions. Here’s how it works:

  1. Immutable Ledger: In a blockchain-based system, all transactions, such as the movement of goods, changes in ownership, and product information, are recorded in a decentralized and tamper-proof ledger. This ensures that the data cannot be altered or manipulated, providing a secure and trustworthy record of every step in the supply chain.

  2. End-to-end Traceability: By utilizing blockchain, supply chain participants can track and trace products from their origin to the final destination. Each transaction is recorded as a block in the chain, creating a transparent and auditable trail of information. This enables stakeholders to verify the authenticity and integrity of products, ensuring that they meet quality standards and regulatory requirements.

  3. Smart Contracts: Blockchain-based supply chain systems can incorporate smart contracts, which are self-executing contracts with predefined rules and conditions. These contracts automatically trigger actions