Blockchain approachs to Supplychain

Many companies are exploring the benefits of leveraging the block chain technology in the area of contract and purchase order payments.

Yes block chain is away to go in supply chain.

Blockchain Technology:

The term "blockchain" is derived from the "blocks" of validated and immutable transactions and how they link together in chronological order to form a chain.

Its an internet based technology, which validate and distributes transactions in encrypted form.

Initially it was invented to support transactions in bitcoin, a digital crypto currency that operates independently.

Since the transactions are encrypted, block chain technology offers more security.

Also due to its instantaneous transmission via the internet eliminates banks' two- to three-day clearing process and accompanying costs for transferring money from one account to another. 

Can block chain technology add value to supply chains?

Strengthening traceability- Improving traceability adds value by mitigating the high costs of quality problems. Simplifying a complex supply base offers further value-creation opportunities.

Elimination of slow, manual processes- The supply tiers in the lower level are still on pen-paper based. Block chain will able to replace them from the channel, hence reducing the time frame of process.