• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Blockchain

      How Smart Contracts is changing Supply Chain

      Hitesh Malviya by Hitesh Malviya
      April 2, 2018
      in Blockchain
      0 0
      0
      How Blockchain is changing Supply Chain
      49
      SHARES
      618
      VIEWS
      Share on FacebookShare on Twitter

      This article aims to serve as a primer to how supply chain will be disrupted by Blockchain

      A smart contract is a special protocol intended to contribute, verify or implement the negotiation or performance of the contract.In the context of blockchains and cryptocurrencies, smart contracts are pre-written logics which are stored and replicated on a distributed storage platform like blockchain which is run by a network of computers and can also result in ledger updates. If blockchains give distributed trustworthy storage, then smart contracts give us distributed trustworthy calculations.

      It is one of the main functions which differentiates Ethereum from other blockchains. Vitalik Buterin, Ethereum’s creator kept smart contracts in mind while designing Ethereum. Anyone can now create a smart contract using the Ethereum Virtual Machine (EVM) -a programming environment for writing smart contract code- and can execute them on blockchains.Smart contracts allow the performance of credible transactions without third parties.

      Smart contracts are the key which connects blockchains to the real world.They are the key to decentralisation and a trustless mechanism for transacting almost any kind of business through the blockchain including altcoin trades.

      Smart contracts can function as ‘multi-signature’ accounts so that funds are spent only when a required percentage of people agree.They can also Store information about an application, such as domain registration information or membership records and can provide utility to other contracts too.

      The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, one would go to a lawyer or a notary, pay them, and wait while he gets the document. With smart contracts, one simply drops a bitcoin into the vending machine (i.e. ledger). Moreover, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

      Smart contracts are special because they exist on the blockchain, one can program code that self-executes and no third party is required for it.This helps in saving a lot of time, efforts and money.And since there’s no need for any human to facilitate transactions, there is no chance of user errors or frauds.

      Making supply chain more efficient with Blockchain  

      As businesses become more and more dependent on global supply chains for goods and services, the freight and logistics industry will pay a much more critical role. Currently, the industry is controlled by freight brokers who help to facilitate transactions of loads from shippers to carriers by adding a markup.Due to this, the costs of the carriers and of the downstream prices to the customers tend to increase.

      Also, the traditional supply chains have relied on physical movement of large volumes of paper documents which may result in huge challenges in efficiency, tracking and theft.Very often, supply chains are hampered by paper-based systems reliant on trading parties and banks around the world physically transferring documents which can take weeks for a single transaction.

      Blockchain can help to solve these challenges of efficiency, security, transparency and tracking by using smart contracts which are automatically triggered when predefined conditions are met. Smart contracts would help to eliminate or to drastically reduce the role of intermediaries.

      A blockchain can provide secure, accessible digital versions to all parties in a single transaction and smart contracts can be used to manage the workflow of approvals and automatically transfer upon all signatures being collected.Implementation of smart contracts will allow the execution of defined events autonomously when the needed parameters are fulfilled. For example, automatic payment to a haulier after goods receipt.

      By virtually guaranteeing the performance of often unknown suppliers, smart contracts will allow companies to bypass conventional ways of establishing trust.Companies would be able to save a lot of time and money through this.A wide range of supply chain transactions can be set up this way, including the delivery of raw materials or finished goods, payment for value-added services, transfers of copyrights and IP value and insurance payouts.

      In a bigger picture, this scenario is an essential foundation for fully automated order calls, particularly in multi-stakeholder contracting.The Blockchain smart contracting approach is also interesting in light of the inhomogeneity of used IT infrastructure.

      The usage of Smart contracts through the entire network clearly has the potential to transform supply chains into highly integrated and efficient smart supply chains in which supply streams can be stimulated virtually. It helps in the integration of physical processes and enables automation.The results are really effective which are complete end-to-end transparency and transformation of the supply chain into an agile cooperation network.

      There’s a huge possibility to break down the existing information silos between members of the supply chain and to make it more efficient than ever.

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: ethereumlogisticsSmart Contractssupply chain
      Share20Tweet12Share5

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      Polygon: The Swiss Army Knife of Web3

      Polygon: The Swiss Army Knife of Web3

      by Shubh M
      May 27, 2023
      0

      The extraordinary ascent of Polygon Labs commenced with the collaborative efforts of its founding team, Jaynti, Snadeep, and Anurag, who...

      Worldcoin: The Biggest Crypto Scam or Innovation?

      Worldcoin: The Biggest Crypto Scam or Innovation?

      by Guest Author
      May 18, 2023
      0

      With a mission to bring crypto to the masses, Worldcoin aims to become the first truly global digital currency. Its...

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      by Zach Hirsch
      January 17, 2023
      0

      With the convergence of AI, AR, VR, and blockchain now making alternative realities possible with web3, it’s a cool time...

      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      by Aniketh Paul
      December 12, 2022
      0

      Modular blockchains focus only on specific tasks and offload the rest to other layers. Celestia is one of the examples of such blockchain projects....

      Tezos Blockchain is Always Under the Radar but Continues to Excel

      Tezos Blockchain is Always Under the Radar but Continues to Excel

      by Karthik Guttha
      November 22, 2022
      0

      What is Tezos? A Detailed Review When you think of smart contract platforms running on public blockchains, Solana and Ethereum...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Trading Tips for Altcoins

      6 Lesser known Trading Tips for Altcoins

      February 17, 2020
      Be warned! Hackers are abusing API keys and stealing your funds

      Be warned! Hackers are abusing API keys and stealing your funds

      June 15, 2021
      Crypto Punks, Axie Infinity, and Open Sea have done more than $10.35 billion in sales combined

      Crypto Punks, Axie Infinity, and Open Sea have done more than $10.35 billion in sales combined

      September 26, 2021
      Top crypto coins for 2018

      Top 25 crypto coins to Buy in 2018 [UPDATED]

      October 4, 2018
      Highly Scalable Blockchain Projects

      Top 3 Highly Scalable Blockchain Projects

      March 9, 2020
      Polygon: The Swiss Army Knife of Web3

      Polygon: The Swiss Army Knife of Web3

      May 27, 2023
      Worldcoin: The Biggest Crypto Scam or Innovation?

      Worldcoin: The Biggest Crypto Scam or Innovation?

      May 18, 2023
      EIP-4844 Explained | The Biggest Ethereum Upgrade

      EIP-4844 Explained | The Biggest Ethereum Upgrade

      February 7, 2023
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29635 shares
        Share 11843 Tweet 7402
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9933 shares
        Share 3972 Tweet 2483
      • Top 10 Low market cap altcoins to invest in 2021

        7269 shares
        Share 2906 Tweet 1816
      • Top 10 NFT Crypto Projects You Should Know

        7256 shares
        Share 2623 Tweet 1640
      • List of leading partners of Ripple, and How they use XRP?

        6148 shares
        Share 2459 Tweet 1537
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.