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  Smart Contract: Although the term “Blockchain smart contract” sounds like a legal instrument, a smart contract is actually a computer program that performs a task when triggered by the occurrence of a predetermined event. Smart contracts live on the blockchain, which processes the terms of the smart contract, thereby enabling the smart contract to automatically execute the coding task when the triggering event occurs. Examples of Smart Contracts for Supply Chain In Supply Chain Development , smart contracts are particularly useful for releasing payment, recording ledger entries, and flagging a need for manual intervention. Releasing Payment: A party could use a smart contract as a means to automatically release payment upon the satisfaction of a condition. Recording Ledger Entries: A party could write a smart contract to record to a blockchain ledger if some specified event occurs or does not occur. Flagging a Need for Manual Intervention: Smart contracts are also useful for fla...

  Supply chains today are inherently complex, encompassing many players from around the world. Supply chain management (SCM) is the oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer. The three main flows of the supply chain are the product flow, the information flow, and the finances flow. SCM makes sure everything flows smoothly from the beginning to the end. Let’s go over the major advantages of using blockchain technology in the supply chain 1. Transparency: The blockchain is a shared database that ensures honest transparency. All partners have the responsibility to upload their information and data about the product. A digital collection of accurate data improves accountability and trust between partners. Blockchain technology can show updates to the product in mere minutes. Everyone involved knows exactly where a product stands at all times. You can see exactly where a product is, how i...