How Blockchain and IoT Are Making Supply Chain Agile?

Supply chain management is becoming more complex and distributed than it was ever before. From improper shipment of products, lack of trust, delays, and security risks to sensitive products getting damaged, the supply chain is a mess. In short, complexity in the supply chain has led to hampered end-to-end traceability and inspection throughout the chain.

Fortunately, blockchain and IOT pose solutions to supply chain management that can bring improvements to the current workings of the supply chain. These two emerging technologies can potentially revolutionize the soupy chain industry with their immutable transparency, control, wireless communication, and smart contracts capabilities.

Make your supply chain business automated and efficient by integrating blockchain and IoT technologies. For that, Suffescom is here for you with its expertise in providing high-end blockchain and IoT development solutions. Get in touch with us today and learn how these two technologies can be a game-changer for your supply chain management systems.

For now, let’s discuss how blockchain and IoT are making the supply chain agile, efficient, automated, and cost-effective.

Highlights Of Blockchain And IoT Supply Chain Solutions

• Automates workflows
• Improves inventory management
• Elimates human error
• Seamless transactions
• Improves customer relationship
• Supply chain visibility
• Tracking the origin of food

Blockchain Based IoT System Facts & Statistics

The blockchain supply chain market size is expected to generate a revenue of $3,272 million by the year 2026, growing at a CGR rate of 53.2%.

The IoT global supply chain market size is expected to reach USD 34.81 billion by 2027, growing at a CGR rate of 12.7%.

In a survey, 59% of the industry leaders stated to plan to invest in IoT sensors for their supply chain management, and 40% stated to integrate blockchain technology with their business operations.

These stats might have given you an overview of how blockchain and IoT can enhance the workflows of supply chain businesses. These two technologies can lead to efficient inventory management, fast delivery, warehousing, and safe and secured goods storage.

Blockchain And IoT In Supply Chain Management

When integrated into supply chain management systems, blockchain technology offers an immutable data record related to location status, shipping status, product quality, storage environment, etc. This helps in improving customer satisfaction through transparency, security, and real-time product delivery tracking.

On the other hand, IoT provides real-time data on the goods being stored and transported, vehicles and warehouse conditions, shipment status, and much more. This technology helps to get continuous end-to-end monitoring of the supply chain and automates workflows. For instance, if sensors find that the predetermined temperature of cold storage facilities has been exceeded, the control software instructs the actuators to raise the temperature and notifies supply chain managers.

Applications Of Blockchain In Supply Chain

Blockchain supply chain development enables products to be delivered faster, accurately, and with real-time information sharing, enabling the traceability of the products, and so much more. Let’s look at how blockchain is redefining supply chain management systems:

Automation

Typically, it takes around weeks or months for invoices to be paid. But with the help of blockchain smart contract development, invoices and transactions can be done automatically. It helps in establishing an infrastructure with transparency and immutability. It enables all parties to have access to payment transactions, reducing human error and fraud possibilities.

Less Chance Of Counterfeiting

When it comes to ensuring and checking the quality of goods, provenance is the key. Blockchain enables users to trace the goods throughout the supply chain. This helps in accurately verifying the origin of the products. As a result, provenance checking helps in reducing the chances of counterfeiting.

Improved Communication And Collaboration

Usually, there’s a lot of miscommunication between owners regarding order requests, contracts, and invoices. This can cause disagreements between partners and delays in deliveries of goods. But, by integrating blockchain technology into the supply chain, communication and collaboration can be improved between owners and stakeholders. For instance, blockchain cuts out the need for an intermediary to verify the transactions, and smart contracts ensure that the stakeholders meet obligations on time.

Improved Customer-Retailer Relationship

Customers are the king of any industry. Meeting the needs of customers is one of the main motives of the businesses. Blockchain helps in customer satisfaction by providing a sense of security, transparency, and control in the hands of the consumers. When they tend to believe that they have control over the transactions, customers feel more secure about buying products from you.

Eliminates Human Error

Businesses in the supply chain know how much paperwork of invoices, payments, order requests, and receipts needs to be done. This increases the risk of human error and fraud. Blockchain-based smart contracts automate the record keeping of all the paperwork, reducing processing time, timely payments, and data management.

Applications Of IoT In Supply Chain

The Internet of Things (IoT) has brought significant advancements in various industries, including supply chain management. Here are some applications of IoT device management software in supply chain:

Efficient Inventory Management

IoT devices can be used to track and monitor inventory in real time. Sensors and RFID tags placed on products and containers can provide accurate data on their location status and condition. It helps in optimizing inventory levels, reducing stockouts, and streamlining supply chain processes.

Asset Tracking

IoT enables the tracking and monitoring of assets, such as vehicles, containers, and equipment, throughout the supply chain. GPS and sensor-enabled devices allow real-time visibility of the location and performance of assets. Thus, helping in improving asset utilization, preventing theft or loss, and enhancing maintenance schedules.

Demand Sensing

IoT devices can capture data from connected devices, such as smart shelves or vending machines, to gather real-time information on consumer behavior and demand patterns. This data helps supply chain managers make accurate demand forecasts, optimize production and distribution, and ensure product availability.

Supply Chain Visibility

IoT facilitates end-to-end visibility across the supply chain. By integrating data from various IoT devices and sensors, supply chain managers can track goods from the point of origin to the point of consumption. This enhanced visibility enables proactive decision-making, reduces delays, and improves overall operational efficiency.

Autonomous Vehicles and Drones

IoT-enabled autonomous vehicles and drones can revolutionize last-mile delivery and logistics operations. These vehicles can navigate routes, avoid traffic, and optimize delivery schedules based on real-time data. This technology improves delivery speed, reduces costs, and enhances customer satisfaction.

Predictive Maintenance

IoT devices can collect data on the condition and performance of equipment and machinery. By analyzing this data in real time, supply chain managers can detect patterns, predict maintenance needs, and schedule repairs or replacements proactively. This approach minimizes downtime, optimizes maintenance schedules, and reduces costs.

Blockchain And IoT In Supply Chain Management

When integrated into supply chain management systems, blockchain technology offers an immutable data record related to location status, shipping status, product quality, storage environment, etc. This helps in improving customer satisfaction through transparency, security, and real-time product delivery tracking.

On the other hand, IoT provides real-time data on the goods being stored and transported, vehicles and warehouse conditions, shipment status, and much more. This technology helps to get continuous end-to-end monitoring of the supply chain and automates workflows. For instance, if sensors find that the predetermined temperature of cold storage facilities has been exceeded, the control software instructs the actuators to raise the temperature and notifies supply chain managers.

Applications Of Blockchain In Supply Chain

Blockchain supply chain development enables products to be delivered faster, accurately, and with real-time information sharing, enabling the traceability of the products, and so much more. Let’s look at how blockchain is redefining supply chain management systems:

Automation

Typically, it takes around weeks or months for invoices to be paid. But with the help of blockchain smart contract development, invoices and transactions can be done automatically. It helps in establishing an infrastructure with transparency and immutability. It enables all parties to have access to payment transactions, reducing human error and fraud possibilities.

Less Chance Of Counterfeiting

When it comes to ensuring and checking the quality of goods, provenance is the key. Blockchain enables users to trace the goods throughout the supply chain. This helps in accurately verifying the origin of the products. As a result, provenance checking helps in reducing the chances of counterfeiting.

Improved Communication And Collaboration

Usually, there’s a lot of miscommunication between owners regarding order requests, contracts, and invoices. This can cause disagreements between partners and delays in deliveries of goods. But, by integrating blockchain technology into the supply chain, communication and collaboration can be improved between owners and stakeholders. For instance, blockchain cuts out the need for an intermediary to verify the transactions, and smart contracts ensure that the stakeholders meet obligations on time.

Improved Customer-Retailer Relationship

Customers are the king of any industry. Meeting the needs of customers is one of the main motives of the businesses. Blockchain helps in customer satisfaction by providing a sense of security, transparency, and control in the hands of the consumers. When they tend to believe that they have control over the transactions, customers feel more secure about buying products from you.

Eliminates Human Error

Businesses in the supply chain know how much paperwork of invoices, payments, order requests, and receipts needs to be done. This increases the risk of human error and fraud. Blockchain-based smart contracts automate the record keeping of all the paperwork, reducing processing time, timely payments, and data management.

Applications Of IoT In Supply Chain

The Internet of Things (IoT) has brought significant advancements in various industries, including supply chain management. Here are some applications of IoT device management software in supply chain:

Efficient Inventory Management

IoT devices can be used to track and monitor inventory in real time. Sensors and RFID tags placed on products and containers can provide accurate data on their location status and condition. It helps in optimizing inventory levels, reducing stockouts, and streamlining supply chain processes.

Asset Tracking

IoT enables the tracking and monitoring of assets, such as vehicles, containers, and equipment, throughout the supply chain. GPS and sensor-enabled devices allow real-time visibility of the location and performance of assets. Thus, helping in improving asset utilization, preventing theft or loss, and enhancing maintenance schedules.

Demand Sensing

IoT devices can capture data from connected devices, such as smart shelves or vending machines, to gather real-time information on consumer behavior and demand patterns. This data helps supply chain managers make accurate demand forecasts, optimize production and distribution, and ensure product availability.

Supply Chain Visibility

IoT facilitates end-to-end visibility across the supply chain. By integrating data from various IoT devices and sensors, supply chain managers can track goods from the point of origin to the point of consumption. This enhanced visibility enables proactive decision-making, reduces delays, and improves overall operational efficiency.

Autonomous Vehicles and Drones

IoT-enabled autonomous vehicles and drones can revolutionize last-mile delivery and logistics operations. These vehicles can navigate routes, avoid traffic, and optimize delivery schedules based on real-time data. This technology improves delivery speed, reduces costs, and enhances customer satisfaction.

Predictive Maintenance

IoT devices can collect data on the condition and performance of equipment and machinery. By analyzing this data in real time, supply chain managers can detect patterns, predict maintenance needs, and schedule repairs or replacements proactively. This approach minimizes downtime, optimizes maintenance schedules, and reduces costs.

Blockchain IoT Supply Chain Solutions For Multiple Industries

At Suffescom, our team of experts offers high-end blockchain IoT development solutions that offer a lot of benefits to supply chain management in multiple industries.

Food

For food industries dealing with temperature-sensitive goods, IoT devices can monitor the temperature and humidity levels during transportation and storage. Real-time alerts can be triggered if there are deviations from the desired conditions, ensuring product quality and compliance with regulations. Moreover, blockchain in agriculture or food industry helps in tracking the origin of the products, ensuring the quality of food products.

Healthcare

Blockchain in the healthcare industry can help prevent counterfeit drugs from entering the supply chain. IoT devices can be used to track and monitor the movement of drugs, ensuring they remain within authorized channels. Smart contracts on the blockchain can automate compliance and regulatory checks, reducing administrative burdens. Patients can also have greater visibility into the supply chain, ensuring the safety and authenticity of their medications.

Retail And Consumer Goods

Blockchain and IoT development solutions can improve inventory management, supply chain visibility, and product authentication in the retail sector. IoT devices and sensors can track products throughout the supply chain, from manufacturing and delivery. This data can be securely recorded on the blockchain, allowing real-time visibility, reducing out-of-stock situations, and enabling demand forecasting.

Logistics And Transportation

Our blockchain IoT solutions can help streamline logistics and transportation operations by letting owners track the shipments of products. We create IoT sensors for vehicles and containers that help monitor parameters such as temperature, humidity, location, and more. This data can be recorded on the blockchain, ensuring transparency and traceability throughout the supply chain. Smart contracts can automate processes such as payment settlements, customs clearance, and compliance checks, reducing paperwork and improving efficiency.

Cost Of Developing Blockchain And IoT Supply Chain Solutions

To give you a rough estimate, blockchain and IoT supply chain solutions lie between $40,000 to $250,000+. Remember, this is just a rough estimation; the overall cost can vary depending on the complexity of your project, features to be added, tech stack used, developer’s location, blockchain network, gas fees, and many other factors that can affect the overall cost of blockchain IoT development solutions.

Get in touch with our team of experts, who gives free consultation for your project. We will listen to your requirements and come up with a cost-effective solution and give you a free quote for your next development project.

Bottom Line!

Integration of blockchain and IoT in the existing supply chain systems is an effective tool for addressing the current challenges faced by the industry. Adopting such solutions will help efficient inventory management, improve productivity, and reduces fraud and human errors.

Suffescom is a leading top-rated blockchain development company with expertise in emerging technologies such as IoT, metaverse, and cryptocurrency. We help businesses to improve their supply chain efficiency by integrating blockchain and IoT technologies. Here’s why you should choose us to transform your supply chain management system and functionality:

• Unmatched blockchain and IoT development expertise
• 24/7 technical assistance
• Works with result oriented approach
• On-time project delivery
• Round-the-clock services
• Offers end-to-end IoT solutions
• Uses agile methodology to complete project
• Adopts new technologies
• No limit to customization
• Meaningful consultation services

Connect with our experts today to find out how you can integrate blockchain and IoT into your SCM and offer unparalleled services to your customers.

• IoT management solutions
• Blockchain IoT Applications in Real Life