For large organizations, it is often difficult to keep track of each and every record even for MNCs. The lack of transparency leads to cost and customer relations issues which ultimately dilutes the brand name. The use of blockchain technology eases many such challenges with the help of record keeping and provenance tracking as the product information can be accessed through the help of embedded sensors and RFID tags. It can also be used to detect frauds in any part of the supply chain.
To read about more possibilities of blockchain in Supply Chain management, click here.