Blockchain Consulting Services
Blockchain is an open, distributed ledger to record transactions between two parties in a secure way. Each block contains the transaction details, which cannot be altered without altering all the subsequent blocks relevant to the same transaction.
At DEFTeam, we have incorporated the blockchain Ultimate Dynamic Duo into our Supply Chain Management (SCM) solutions to make transactions more secure and transparent. Blockchain Dynamic Duo has become indispensable for the SCM industry in recent times. Each time any goods change hands, the blockchain helps to create a permanent transaction history, right from manufacture to end customer delivery. This has effectively reduced the chances of human errors, added expenses, and time at every phase of supply chain management.
Incorporating Blockchain Into the Supply Chain Management Can Improve the Following:
Recording the transfer of goods like containers, trailers, etc., as they move between supply chain points.
Tracking of trade-related documents, purchase orders, receipts, shipment notifications, etc.
Verification of certain certificates or qualities and properties of some physical products.
Linking goods to serial numbers, bar codes, and digital tags.
Sharing information about product manufacturing, delivery, and maintenance of the product with the vendors and suppliers.
Recording the transfer of goods like containers, trailers, etc., as they move between supply chain points.
Tracking of trade-related documents, purchase orders, receipts, shipment notifications, etc.
Verification of certain certificates or qualities and properties of some physical products.
Linking goods to serial numbers, bar codes, and digital tags.
Sharing information about product manufacturing, delivery, and maintenance of the product with the vendors and suppliers.
How We Have Simplified the Supply Chain Management With Blockchain?
At DEFTeam, we have tried to simplify the trade process by the inclusion of blockchain technology. Here is the description of a shared workflow in the supply chain management, which is estimated to be carried out in a straight linear way without any exceptions taking place.
- Importers want to buy goods from the exporter in exchange for money.
- The deal is confirmed between the importer and the exporter.
- The importer requests its bank for a letter of credit in favor of the exporter.
- The importer's bank issues a letter of credit to be paid by the exporter.
- The Exporter's bank receives the letter on behalf of the Exporter.
- The exporter applies for an export license from the regulatory authority.
- The Regulatory Authority hands over the Export License to the Exporter.
- The exporter prepares a shipment and hands it over to the carrier.
- The carrier accepts the goods after validating the export license and hands over the bill of lading to the exporter.
- The exporter claims half the amount from the importer's bank.
- The Importer's bank transfers half the amount to the Exporter's bank.
- The carrier ships the goods.
- The exporter receives the remaining amount from the importer's bank.
Benefits of the Blockchain Technology-based Application
Blockchain guarantees instantaneous transactions involving any number of participants at any touchpoint.
Payment through installments is made possible as all the participants are brought under a single smart contract to minimize the risks.
Blockchain drives in greater transparency while documenting the shipment's journey across various touchpoints. The manufacturers can also share the logs with the stakeholders to reduce recalls about freight location.
Shared and indelible ledgers eliminate the need for internal audits and guarantee better security.