Importance of blockchain in supply chain for the post-corona era

-

 The world has witnessed a dramatic digitization drive across industry sectors and verticals during the Pandemic. With the onset of lockdowns, global supply chains have undergone a massive disruption due to shortage in demands and unavailability of resources. Many forklift manufacturers in India believe that as we enter the normal phase again, supply chains will not be the same.

 Restrictions in normalizing supply chain

Global trade has been largely affected due to reasons like travel restrictions, fallout between organizations, restrictions on global or local procurement and rising tensions between multiple superpowers, like China and USA. So, unlike a normal supply chain, which acts as a linear chain of actions and activities within a specified region, the new supply chain will be more of a distributed network that leverages multiple resources like warehouses, material handling equipment or delivery teams, from multiple locations across the world. This way, businesses don’t have to rely on their existing partners and can freely do business with new ones, to fulfil purchase orders.


How does blockchain help?

Blockchain is a decentralized system that functions using a distributed ledger. Any transaction that occurs is updated on the ledger which is present on all computers in the blockchain network. This way, data is accessible to every member of the blockchain and there is transparency in all the dealings. Blockchain can be used to record any activity or action, and is not limited to using a single currency.


The main advantage of the blockchain is that distributed networks comprising of various equipment retailers, businesses and warehouses, can be run and governed by the involved parties themselves without any interruptions from government authorities. It makes data-tracking much more efficient and convenient across the globe. Whether you are purchasing an electric forklift, shipping a container of microchips or procuring raw materials for manufacturing, you can track all data in real-time.


Benefits of using blockchain for supply chain operations:


  1. Maintaining a Consensus:

As mentioned above, blockchain uses a distributed ledger that is available on all systems. That means, any transaction is updated instantly on all copies of the ledger. These copies maintain a consensus amongst them i.e. the information held by majority of the copies (>50%) is accepted as the correct information by all systems. This way, all information is always updated and does not have any errors.


  1. Record of ownership:

Any item, like a tow truck, being dealt, sold or moved within the distributed network will always have a history of origin. That means, any person in the network can see whether the item is newly manufactured or previously owned, and also track its ownership throughout its lifetime.

  1. Immutability:

As the ledger is maintained through a consensus between various systems, the records and data are immune to cyber threats. This is because, if someone were to change the records; let’s say, change the equipment type from ‘order picker’ to ‘tow truck’, he/she would have to assume control of more than 50 % of the systems, which is just impossible!


  1. Smart Contracts:

Smart contracts are blockchain based contracts which are activated as per pre-defined stipulations. This way, all parties are governed by a contract that is visible to all, ensuring every member honours the agreement in a timely fashion.


Linde India is a pioneer in Material handling equipment & Warehouse Equipment. Industrial trucks by Linde; whether it’s a diesel lift truck or an electric stacker, stand out because of their innovative technology aimed at greater cost-effectiveness in logistics. If you are looking material handling equipment dealers or prices in India, you should definitely check out their website- www.lindemhe.com

Comments

Post a Comment

Popular posts from this blog

Important Points to Cover in Forklift Driver Training

-
  When it comes to driving a forklift, trained operators in warehouses & factories can tell you how forklifts are not your usual vehicles. This is why, untrained forklift drivers can be dangerous, not just to themselves, but also to others around. Safety training is critical to minimize accidents and fatalities on the job while also reducing financial losses from damaged goods.  So what should be learned while driving a forklift? The theory - First of all, forklifts can be called by various other names such as reach truck , order picker , battery operated platform truck , and so on, all differing slightly in their functionality but falling under the broad category of forklifts. Then, there are also two types of forklift engines such as electric and Internal combustion which can further be categorized into hybrid or a diesel forklift , and so on. Not being clear on these topics can lead to confusion in further stages. Basic Functions - A forklift is literally a machine on wheels
Read more

5 trends that are shaping the future of material handling

-
Initially, when the idea of the warehouse came into effect, they were only being used as a simple storage space for manufactured and packaged goods ready for dispatch. Today, warehouses have become highly complex and sophisticated storage environments for various types of materials, assets and goods.  Along with that, material handling has also evolved in parallel to even greater heights. Material handling these days happens in a highly meticulous fashion with real-time updates and advanced command prompts using computers. Various material handling equipment like an  Electric Tow truck , pallet truck or a jack, have become extremely agile and swift in terms of operation capability, in order to accommodate complicated handling tasks.  But that was just the beginning. The future of smart warehouses and material handling seems brighter than ever before. With rapid advancements in technologies and the invention of smarter communication hardware, warehouses are being transformed into
Read more

FORKLIFTS OF SIGNIFICANT TYPES USED IN WAREHOUSES

-
Without forklifts, the warehouse and logistics sectors are lacking. In warehouses, forklifts are frequently utilised to load and unload cargo. Typically, warehouses are used to store raw materials, packing materials, spare parts, components, and commodities from manufacturing companies, agricultural enterprises, etc. Forklifts play a significant part in moving logistics at the warehouse in this situation. They are used to load and unload cargo from vehicles, such as trucks, trains, planes, and ships. Forklifts' importance in material handling: One of the most common forms of warehouse necessities is the forklift. Forklifts are used in warehouses to transport heavy cargo loads. These forklifts allow operators to move heavy loads throughout the facility with ease. Based on a variety of characteristics, there are many various types of forklifts on the market, and each one is wonderful in its own way. According to their energy source, forklifts can be divided into three categories: di
Read more