Presently most of the companies that are using blockchain technology to improve their supply chains are building on the legacy of prior work. Since blockchain can be used with any other existing database, it creates a safe and secure way of transferring the data and information that are cost-efficient, while significantly increasing compliance and auditing standards and improving security across the entire supply chain. 

 A supply chain that is created with the help of blockchain technology can be substantial and secure, from multiple aspects. All data and records are easily accessible by the shareholders or the partners within the supply chain solution. They can be combined with data points along every step of its journey, including GPS and time-date stamps recorded with QR codes and IoT devices.   

Tamper Proof Supply Chain

One of the most critical features of a blockchain software solution is how tamper-resistant it is. And with the help of smart contracts, it secures the data field with an encrypted hash. Smart contracts are intended to help aid, verify, or implement the negotiation of an agreement. It allows the execution of credible and trusted transactions without third parties. 

Because it is a decentralized system that exists between all authorized parties, there's no need to pay intermediaries, saving time and cost. 

The information stored within the blockchain is permanent. Even if any changes occur, a new block is then created, and that single update will also permanently stay inside the system. It cannot be deleted. 

A supply chain powered by blockchain is faster, cost-effective, and works with existing databases, and is more secure than traditional systems. This is also why more supply chain companies are turning to blockchain to enhance their business models and take advantage of all the benefits blockchain provides.