With Blockchain, Companies Can Be More Ethical: The Truth, Or A Myth?

Want to know more about the products you consume? Have you ever wondered why your package never gets to you on time? Are you sick and tired of merchants getting your information wrong? Do you hate it when big firms break the law and get away with it? Well, why don’t you go to your retailer and let them know about blockchain?

Supply Chain Management on the Blockchain

Supply chain management is a reality that a majority of business owners have to deal with. For many, manually counting inventory is the way to do it, painting a clear picture that there's plenty of progress still to be made. In some ways, blockchain can streamline supply chain management, making companies more transparent, and improving accountability between suppliers.

With big corporations, blockchain technology can open up the endless loops of violations covered up by mutable records. So firms behaving badly would be forced to abide by the law.

Here are some possible use cases of blockchain technology on supply chain management:

• Transaction Settlement: Blockchain technology facilitates faster transaction settlement through peer-to-peer direct payments, executing both transactions simultaneously and automatically recording them.
• Transparency: With the combination of accessibility, transparency, and reasonable anonymity, auditors get their work simplified by easily focusing resources.
• Cost Information: Costs and profits can be stored and accessed from external financial records systems.
• Consolidating Shipping Data: The blockchain’s shared, decentralized ledger can provide a uniform mode of record keeping, accessible to all players in a supply chain, and updatable in real time.
• Preventing Compliance Violations: Blockchain is an interoperable record. Corporate managers need this to ensure that all levels of the company comply with regulations, thereby avoiding fines.
• Reducing Human Error: Blockchain supply management can reduce reliance on humans by automating transactions, data entry, record keeping, and inventory tracking systems.
• Automation: Blockchain offers one of the most reliable, advanced, and secure ways of automating supply chain processes, thus reducing waste and saving money.
• Automated Purchasing and Planning: Blockchain can unify the supply chain records, speeding up information sharing for cost-saving purchasing decisions.
• Fighting Counterfeit Goods: By combining records from every supplier and monitoring workflow within the supply chain, counterfeit goods will be less likely to reach the consumer.
• Law Enforcement: Using an immutable record can reduce instances of tariff and regulatory avoidance in international trade.

Corporate entities should consider incorporating blockchain technology to create a more buttoned-down image when it comes to corporate ethical conduct.

Do you agree with these use cases? Let us know what you think.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

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Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.