supply chains Archives - WEBCHAIN - Software Development Company

How Blockchain Can Reduce and Prevent Payment Fraud

We live in a digital era, where we are using technology daily. And in this technological age, fraud is an increasing concern for businesses all over the world. But the fraud detection capacities that many companies are looking for, could be performed by a cutting-edge technology called Blockchain.

Blockchain is a shared ledger that is decentralized and immune to manipulation. It enables confirmed users to store, view, and share digital information in a security-rich setting, which serves to promote trust, accountability, and transparency in business relations. Attempting to gain on these benefits, companies have been searching for ways to use Blockchain technology to prevent fraud in industries such as finance, identity management, and supply chain.

How Blockchain can Completely Transform the Supply Chain

Nowadays, blockchain is one of the most groundbreaking technologies that have the potential to transform supply chain management.

Because of the complexity and lack of transparency of the existing supply chains, there is significant interest in how blockchain can reinvent the supply chain and logistics industry.

It is clear that lately, supply chains became more complex, and blockchain has developed as a powerful technology to improve transparency and traceability, as well as minimize administrative costs.

The Advantages and Applications of IoT-Powered Supply Chains

As companies continue to diminish their activities down to just the core processes via outsourcing, supply chains continue to expand across the globe.

This involves the necessity to keep track of and manage a variety of assets and operations divided by large distances. To follow this trend and improve their performance, businesses are embracing IoT-powered supply chain management.

With the expanded importance of supply chains and warehousing to eCommerce and global trade, there’s never been a greater time to consider adding IoT capabilities to your logistics facilities.