Blockchain technology is bringing unprecedented change in the way business is done across the globe. From manufacturing, supply chain, and logistics, to packaging and transport, Blockchain is redefining the business at every stage. Many businesses have roped in this technology to reduce their losses due to procedural delays and human error and bring efficiency in manufacturing, tracking and tracing, and auditing.
To let the readers know about blockchain technology and its potential in business, In this article, we will take a look at 5 ways to grow your business through blockchain technology.
What is Blockchain Technology?
Before we hop onto the 6 ways to grow your business through blockchain technology, let us understand what exactly blockchain technology is. A shared ledger that allows businesses to record and track transactions across a peer-to-peer network while ensuring security and transparency. The data stored on the blockchain cannot be changed or altered which makes it the safest method for companies to record and track their transactions seamlessly. For instance, cryptocurrencies such as Bitcoin and Ether used this technology for executing and recording transactions, without the involvement of any intermediary.
Increase Brand Awareness
By ensuring transparency and data protection, Blockchain technology helps businesses increase their brand’s recognition among customers. It helps in building brand value by combating fraud related to counterfeiting products and creating goodwill of the brand in customers. This technology uses NFT-generated QR code tagging on products that flag the recalled products in real-time and helps the manufacturers take timely actions against any act of counterfeiting. It protects your brand’s uniqueness and reputation, resulting in decreased costs and increased profits.
Real-Time Supply Chain Insights
The tagging of each product with an NFT-generated QR code using blockchain technology provides the manufacturers access to real-time tracking of inventory across the supply chain. It streamlines the supply chain and improves transparency throughout the process. The use of blockchain technology brings automation efficiency and end-to-end visibility to the supply chain that helps the business owners to manage and trace complete product cycles in real-time. The unique QR code also checks the influx of counterfeit products by its interconnected auditing mechanism and reduces the instances of losses at every stage of supply.
Manage Demand and Supply
The blockchain-based tracing and tracking system Blockchi collects information about how many units of product are sold in a specific location and time period and how many are left unsold or returned. This information helps the manufacturer to be apprised about the consumer buying behavior based on geography and time, based on which manufacturer can plan their production to cater to the demand of a particular location in a particular period of the time to avoid excess supply or shortage.
For example, a manufacturer sends 10,000 units of soap to Hyderabad in the month of May 2022. He used NTF-based blockchain QR code tagging on each layer of packing. Through blockchain track and trace mechanism, the manufacturer gets real-time information on the sale of products from wholesalers to distributors to retailers. By the end of the month, the manufacturer will know how many units of the soap have been sold in Hyderabad and how many returned. Based on this data, he can plan his production for Hyderabad for next month, so that there will be no excess and shortage of supply.
Protects Your Product From Counterfeiters
One of the serious problems that manufacturers face worldwide is counterfeiting. It adversely impacts the company’s revenue and harms its brand value. This happens in many sectors including food, pharmaceutical, electronics goods, etc. Blockchain technology has the potential to solve this problem with its anti-counterfeiting solution that uses advanced QR code tagging on products. Integrated with geo-tagging and flagging mechanisms, it enables the manufacturer to track and trace their product on a real-time basis.
Track and Trace Inventory With Blockchain
Presently manufacturers do not have control over the movement of inventory once it is dispatched from the factory. Blockchain technology solves this problem by enabling the manufacturers to get real-time status of inventory with blockchain-based geo-tagging QR coding. It facilitated end-to-end tracking and tracing of inventory without any chance of unauthorized access. Manufacturers can monitor and manage their inventory on a real-time basis through their smartphones to ensure the uninterrupted movement of goods.
The traditional way of the supply chain involved lots of operational delays and human errors that incur heavy costs to the manufacturers. Mismatch in demand and supply also accounts for the increase in cost and lower profit. The blockchain-based smart business intelligence solution helps the manufacturers to get accurate data on the customer buying behavior and plan their production according to their demand pattern, hence reducing the cost of over or under production.
It also reduces the cost incurred in managing the supply chain, logistics, product recall, and counterfeit products. By reducing these costs and enhancing quality control, blockchain significantly pushes your business towards exponential growth.
As blockchain technology is all set to take over most of the everyday processes undertaken by businesses, you cannot stay behind in the race to leverage the technology which still remains unexplored to take your brand to new heights. Including Blockchi, medSure there are plenty of blockchain platforms that you can use to make the brand stand out in the market.