What role does blockchain play in enhancing supply chain transparency? 🔊
Blockchain enhances supply chain transparency by providing a secure, decentralized ledger that records every transaction in real time. Each participant in the supply chain can access this immutable record, promoting accountability and reducing the chances of fraud. By enabling end-to-end visibility, blockchain allows stakeholders to track the provenance of goods, ensuring authenticity and compliance with regulations. Additionally, it can streamline processes such as order fulfillment and payments through smart contracts. This increased transparency helps to build trust among participants and can lead to improved efficiency and resilience within the supply chain, ultimately benefiting consumers and organizations alike.
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