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Supply chain management has greatly evolved with time, with new technology introducing efficiency, speed and cost effectiveness to the industry. However, even then, supply chain management is still very complex and unnecessarily costly. Blockchain technology has revolutionized this industry, introducing transparency and saving time and costs. However, in the blockchain ecosystem, Bitcoin SV has stood out and has been hailed as the future of supply chain management.
A century ago, trade was mostly local and supply chain management was a simple process. However, with globalization, supply chains can span several countries and regions and involve thousands of stakeholders. This makes it crucial for businesses to put in place enterprise resource planning (ERP) applications which integrate all the processes in a single system. Bitcoin SV, with its ability to scale, fast transactional speed and low fees makes this possible.
The Bitcoin SV blockchain enables the seamless sharing of information between different parties. For producers, this enables them to plan their production accurately in response to market conditions. For instance, a distributor can reveal how many products they sell during certain times of the year, enabling the manufacturer to schedule production, which, in turn, enables the raw materials supplier to respond accordingly.
Drastic cost reduction is yet another way Bitcoin SV proves to be the future of supply chain management. The supply chain has multiple participants, from the producers to the manufacturer, from the distributors to the retailers. This drives costs through the roof. The integration of blockchain technology into the supply chain drastically reduces the number of intermediaries required as most of the processes become automated. This saves costs for the manufacturers and producer and in turn, this translates to the consumers through price reductions.
The integration of blockchain technology is not only beneficial to the producers and distributors. For the consumers, the use of blockchain in supply chain management is just as crucial. With its public blockchain, Bitcoin SV enables tracking and tracing of products throughout their entire lifecycle. Consumers can use simple QR code or RFID scanners to reveal the provenance of a good. This makes it easier to only buy products whose methods of production and distribution you most prefer.
Bitcoin SV is the only blockchain that is able to scale to meet enterprise needs, all while keeping costs negligible and maintaining very high transactional output. This makes the upcoming CoinGeek Seoul conference an event you can’t afford to miss. Attendants will get to learn first-hand how Bitcoin SV is building the future of supply chain management from leading industry minds including nChain Chief Scientist Dr. Craig S. Wright.
The two-day conference begins on October 1 at the Le Meridien Hotel in Seoul, South Korea. Don’t miss the chance to discover how Bitcoin SV is fast becoming the world’s new money and global enterprise blockchain. Get your tickets today.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.