Every time a product changes hands, the transaction could be documented, creating a permanent history of a product, from manufacture to sale. This could dramatically reduce time delays, added costs, and human error that plague transactions today.
Some supply chains are already using the technology, and experts suggest blockchain could become a universal "supply chain operating system" before long.
Consider how this technology could improve the following tasks:
Recording the quantity and transfer of assets - like pallets, trailers, containers, etc. - as they move between supply chain nodes.
Tracking purchase orders, change orders, receipts, shipment notifications, or other trade-related documents.
Assigning or verifying certifications or certain properties of physical products; for example determining if a food product is organic or fair trade.
Linking physical goods to serial numbers, bar codes, digital tags like RFID, etc.
Sharing information about manufacturing process, assembly, delivery, and maintenance of products with suppliers and vendors.
