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Blockchain in Supply Chain
The use of blockchain technology to enhance transparency, traceability, and security in the supply chain, particularly in tracking product provenance and ensuring compliance.
Implications
Used to create a secure, transparent ledger of all transactions in the supply chain, improving efficiency, traceability, and reducing fraud.
Example
Example: IBM and Maersk developed a blockchain platform to track the global shipping of goods, improving transparency and reducing paperwork.
Related Terms
Different from traditional supply chain management, blockchain provides real-time, immutable data, reducing the risk of fraud and errors.
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