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Blockchain Technology Helping Packagers to Improve the Supply Chain

Blockchain has been doing the rounds of a famous new technological system to keep track of transactions. Everybody seems to be interested in the technology, especially because of the hype of cryptocurrencies like bitcoin. Blockchain technology essentially gives you a transparent chain of transactions that are impossible to change or edit. It basically works like adding new entries into a ledger, but only that the access can never be changed again. This digital ledger is duplicated and distributed across the network of computers that are in the Blockchain. Every block of the chain contains the number of transactions that everybody on the chain can access. Too confusing? Let’s try and break it down.

There is no universal Blockchain in place. It’s not a gigantic chain of every transaction that was ever done. Instead, it is an open-source technology that ensures the transparency and security of the actions and transactions. This can be confusing because bitcoin is the biggest example of a single chain that keeps adding new blocks consistently. This doesn’t mean that crypto-currency is the only usage of Blockchain technology. It also comes in really handy for supply chain management.

The packaging industry has a lot of scope for using Blockchain technology in the best way. The technology is poised to witness a rapid adoption rate amongst the industry and players around the globe. There are three key areas where technology can come in really handy.

1.Tracing and tracking packages with Blockchain is a great use of the technology. This use of Blockchain technology provides a great level of transparency which is greatly appreciated by the end customer. Blockchain enables you to develop a peer-to-peer platform where multiple parties can transact without the approval needed from a higher authority.

2.Using Blockchain, marketers can raise consumer awareness. Any self-respecting brand that really believes in the quality of their product would want customers who can appreciate said quality and display brand loyalty for the right reasons.

3.Blockchain technology can also enable brands from counterfeit production of their goods. When everything is on a Blockchain and transparent for all to see, it is really stupid to make counterfeit goods because they can all be traced to the manufacturer. Authenticity is guaranteed when Blockchain technology is implemented as a tool.

In the past, tracking packages was done using extensive paperwork and physical security measures that involved chances of human errors. Although no technology is absolutely error-free, Blockchain comes close enough. With the implementation of this technology, the product interacts directly with the supply chain and the end-user through the web. This modernized tech has also allowed for a seamless experience for the user with more authenticity. Speaking of authenticity, proving that a product received is genuine is much easier with Blockchain implementation.

Many product-based companies, especially food and beverage companies, now attach unique digital identifiers to their products. These scan codes can learn more about the company and the product and earn and redeem lucrative offers. This also makes the customer feel like they’re interacting with a modern brand since they use technology with an everyday item. Prestigious companies that make distilled alcohol beverages are suffering the loss of authenticity because of counterfeit products. They have started incorporating unique scan codes which only the genuine manufacturer can provide on a bottle.

Such practices and more have transformed the experience of both the user and the merchant/manufacturer. Companies now enjoy greater levels of efficiency in terms of packaging and distribution, while the end consumer can be assured about getting authentic products with means to prove said authenticity.