Improving the supply chain is one of the best ways for any business to cut down on its operational costs while speeding up its delivery of goods or services to customers around the world. Naturally, companies everywhere have thus invested huge sums of time, money, and effort into improving the supply chain through any means possible. Lately, improvements to the supply chain have been derived heavily from blockchain technology, which will continue to prove important for years to come.
Here’s how blockchain will improve the supply chain, and how companies everywhere are already tapping into its power to optimize their operations.
Blockchain’s applications are nearly limitless
Perhaps the most impressive thing about blockchain technology is that its applications are nearly limitless, given that it can disrupt nearly any industry. Transportation and logistics in particular stand to be upended by the introduction of blockchain technology to the supply chain, given that it can digitize operations which are currently paper-based and thus prone to error and delay. Transportation companies can rely on blockchain to forge smart contracts with their customers, for instance, which will improve the speed of negotiations and make sure that all parties in an agreement are updated the moment a contract is …