The supply chain includes hundreds of warehouses from where the customers’ finished goods arrive. Advanced technologies like Blockchain and IoT in supply chain management make real-time supply chain monitoring easier and traceable. It allows the suppliers and delivery partners to create an easily traceable and transparent delivery model free from errors and fraudulent activities.
The bigger your business, the farther your products will travel. Walmart is known for using modern technologies such as Blockchain and IoT. The company uses IoT-enabled supply chain visibility to monitor the logistics functioning and maintain the temperature of frozen items, especially ice cream.
Walmart used Blockchain for supply chain trust and IoT Devices for inventory management, which means they use these technologies to keep their perishable items cold and frozen as required. They have partnered with Global Tech to help their real estate team maintain the ideal temperature for milk, dairy, and ice cream products. IoT systems monitor the temperature of the refrigeration units to maintain proper food safety standards.
Another thing about using IoT in the food sector is Walmart helps ensure equipment upkeep. These advanced technologies guarantee that the types of equipment used are repaired timely. It will reduce the downtime and cost of maintenance. It will further upkeep the products without them perishing. The use of supply chain IoT applications helps Walmart to manage energy consumption effectively. The employees can remotely manage the HVAC and energy systems using IoT sensors in our stores.
The regulation of the energy systems will help us to cater to the energy consumption needs of the community. IoT systems help us apply the Demand Response solution, reducing energy consumption in all the stores across the USA. This regular monitoring using smart logistics solutions and advanced technologies such as IoT and Blockchain will support meeting the energy consumption needs during blackouts.
Source: Walmart
Statistically Analyzing the Role of Blockchain and IoT in Supply Chain Management
Businesses are adopting Blockchain for transparency in the supply chain and IoT for predictive analytics in logistics. It helps them to upgrade their business operations. Blockchain in the IoT market has increased from $30 million to $113 million and is expected to grow to $3 billion by 2024 at a compounded rate of 93%. The economic impact of these technologies will stand anywhere between $4 trillion to $11 trillion by 2025.
IoT and Blockchain technology in logistics connect the physical and digital worlds. The comprehensive research by Market Research Future expects this market to grow significantly and reach a value of $17.15 billion by 2030. The supply chain digital transformation helps to future-proof your business and helps you to stay ahead of the competition curve.
The supply chain in 2023 will be undergoing massive change as 30% of the operational warehouse workers will be supplemented with collaborative robots. Advanced technologies, like AI, IoT, Blockchain, etc., will push great transformation. IoT connectivity in transportation and data integrity in the supply chain with Blockchain will see the enormous use of these technologies, with 9% of businesses already investing in them and 19% of business houses ready to invest.
The global supply chain market size will increase to $72.1 billion by 2032, and during the forecast period 2023 and 2032, it is poised to grow at a CAGR of 10.9%. Businesses will hire supply chain management software solutions providers to cater to the rising demands of logistics management, predictive analysis, warehouse management, etc.
Source: precedenceresearch.com
Challenges of Using IoT and Blockchain in Supply Chain Management
Blockchain and Supply Chain Collaboration have become increasingly popular alongside IoT sensors in logistics for maintaining complete transparency and authenticity in the movement of consumer goods. However, the challenges and benefits of IoT and Blockchain in the supply chain still go hand-in-hand.
- Ineffective Risk Management: A few companies still need help applying advanced technologies in their supply chain operations because of the unavailability of the right professionals.
- Obsolete Technologies: Most supply chain operations are handled using manual staff or age-old technologies that require human intervention. Continuous investment and use of supply chain software development services are a must.
- Delayed Reimbursement of Damaged Products: The companies cannot track the visibility of damaged goods because of the non-availability of the right data. With smart contracts in logistics and Blockchain in traceability and authentication, the customer’s grievances can be sorted immediately.
Benefits of Using IoT and Blockchain in Supply Chain Management
- Improved Trust: You can hire a supply chain software development company to build the software using advanced technologies such as Blockchain and IoT. They help improve the authentication, traceability, and tracking of goods, which helps improve the trust between manufacturers and end users.
- Flawless Information Flow: Blockchain supply chain use cases include RFID technology, DNA identification readers, smart contracts, IoT sensors, etc. These use cases help companies move information about products from top to bottom hierarchy without any hassle. It helps track inventory shortages.
- Real-Time Visibility of Goods: The use of IoT and Blockchain in the supply chain helps track the status of goods from when they start from the warehouse until when they are delivered. Business owners will get real-time visibility of products, which further helps remove any supply chain disruptions. Businesses can get software product engineering solutions from professional agencies to track the real-time status of the products.
- Tracking the Weak Links: Timely checking of the supply chain will help detect fraud or application errors. It will save the businesses big time from losing their money and trust. Blockchain security in logistics will help detect errors, frauds, misguided information, etc., in real-time.
Partner with Reputed Supply Chain Solutions Provider
Supply chain management is important for the continuous flow of products from companies to customers. If you face challenges in supply chain management, look no further than Tntra – a leading professional software product engineering company. We have a team of dedicated specialists to take away your woes.
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