Benefits of Blockchain
Since data is shared across the entire network, by definition it is easily available to every computer on the network. This enables quick detection of weak points and traceability in the supply chain, payments, and other business processes.
Blockchain records are incorruptible thanks to advanced cryptography. Agreements can’t be tampered with and transactions can’t be altered. When combined with encryption and access management, the blockchain can securely store and update large amounts of data.
Blockchain removes the risks associated with central data storage. There is no control by any single entity. The peer-to-peer network manages all transactions. As a result, the blockchain has no single point of failure.
The blockchain directly processes transactions between parties without intermediaries. Blockchain transactions confirm more quickly than conventional bank transactions. In addition, smart contracts can automatically trigger actions on the blockchain, automating a significant amount of administrative work. As a result, processes such as financial transactions and reporting can be drastically streamlined.
Pharma Supply Chain