TOP 4 WAYS OF BLOCKCHAIN & AI IMPLEMENTATION IN THE SUPPLY-CHAIN INDUSTRY
Business Software Idia. May 26, 2021
With every passing day, emerging technologies are rapidly becoming the mainstream technology. Specifically, Artificial Intelligence is no more a buzzing work. It has become an indispensable technology for the modern world. From business to social sectors to governance, AI is pushing the bars and becoming an integral part of our life. Blockchain is not far behind; it has grown mature enough to be adopted by various businesses and social sectors to address many critical problems which remained unaddressed so far.
The supply chain is one sector that is still performing far less optimum and has a massive scope of improvements from various directions. The industry veterans are working hard to use different technologies to make it more efficient, cost-effective, and dynamic. The use of the supply chain is incredibly vast. A majority of business or non-business organizations are actively served by the supply chain, and its also responsible for keeping our social system alive. But many pitfalls are hierarchically affecting all the associated sectors in terms of money, performance, and efficiency.
Blockchain or other emerging technologies are great as standalone tech. But when they are combined with each other, the power becomes enormous. Artificial Intelligence is one powerful technology that can change many sectors as a standalone technology. But when it is synchronized with blockchain following the need for technology, the combination can be radical. The supply chain is one such use case. With AI and blockchain, supply chain management can be turned into a high-performing business, mitigating almost all the industry’s bottlenecks so far. AI can be used to perform various actions to improve the supply chain.
4 Potential Implementation of Blockchain and Artificial Intelligence in Supply-Chain Industry:
- Accuracy and Integrity: Since the supply chain involves an extensive range of sectors and different participants, building a high-performance supply chain management system is challenging. One of the critical points of the supply chain is the accuracy and integrity of product and delivery. Since the supply chain is involved in multi-point forwarding most of the time, it is crucial to keep the flow of goods accurate to maintain the proper distribution of the products concerned. And there comes the role of blockchain. The immutable nature of blockchain may provide the integrity of the products in logistics and maintain the accuracy of the transportation. Even in detouring, it will be speedy and easy to detect and correct the course.
- Smart- Contract for High-end Efficiency: Besides that, blockchain can also be used to keep the privacy of various parties as needed. On occasion, when it is desired that the data of complete logistics should be hidden to the participating points, only allowing to share data between two directly connected points, a private and smart contract-based blockchain can efficiently serve the purpose. Also, using smart contracts, logistics can be made 100% accurate, keeping the entire system purely automated.
- AI-powered Shipment Planning: Starting with automated storage in the warehouse to AI-powered shipment planning, many other parts can be made more efficient than before. An entirely AI-powered large warehouse solution will save money to storage and make the logistics much faster and efficient.
- Error-free Strategy: In case of fault, AI may learn the error and create a strategy to mitigate that in the future. AI can build a fault-tolerant and resilient system that will improve the turnaround time of the supply chain.
In addition, Artificial Intelligence with Machine Learning can generate analytics that can enhance:
- Human Performance
- Improve logistic Planning,
- Scheduling the Logistic
- Logistic Network Optimization
Many businesses have already identified the benefit of using a combination of blockchain and AI together. Many solutions are coming up to address different challenges. And the beneficiary of AI & blockchain in supply chain management will benefit the active partners of logistics and all the businesses utilizing the supply chain. Even small terminal businesses can be immensely helped out of it.
Business Software India started its journey as a Software Development company in 2017. We understood correctly that any product could not be perfect enough without rigorous Research and analysis. We do research and development before starting any of our projects. Likewise, our research team has come up with the above-discussed solution for Supply-chain management after a rigorous assessment and study.
Our other products in blockchain are also highly research-dominated. Products like a blockchain-based prop-tech platform to mitigate grave issues of real estate, fintech market, high-level software for aggregator service, customized web development etc.