Inefficiency and Delays: Manual processes and outdated systems slow down the flow of information and goods, leading to delays, increased costs, and reduced competitiveness.
Limited Real-Time Oversight: Without continuous monitoring, supply chains are unable to quickly adapt to disruptions — whether due to logistical challenges, environmental factors, or market fluctuations.
Automation via Smart Contracts: Smart contracts on the blockchain automatically execute predefined actions when certain conditions are met. For example, once a shipment reaches its destination, the smart contract can trigger a payment or update the product status — minimizing delays and reducing the need for manual oversight.
Enhanced Security and Reduced Fraud: With data distributed across a network of nodes and secured by cryptography, blockchain significantly reduces the risk of data tampering and fraud. Combined with IoT’s real-time monitoring, this creates a secure environment that protects sensitive information and upholds product integrity.