The development of global economy constantly emphasizes supply chain management and logistics. This is particularly true today on the basis of the backlog of ships in all major ports around the world and the reduction in the supply of goods in stores. In this case, the combination of Web3 with supply chain and logistics provides a lot of advantages, namely decentralized data management, control and aggregation of supply chain components. With the help of blockchain technology, Web3 can enhance supply chain and logistics management in the following ways.

1. Improve traceability and operational efficiency

Web3 has brought some improvements in supply chain management and logistics management by monitoring and investigating the safest way of enterprise supply chain and logistics. With the improvement of digitalization, consumers began to ask for source data of products they ordered and purchased.

In this way, Web3 with blockchain technology enables many enterprises to understand their supply chain and logistics indicators. In addition, this technology also helps enterprises communicate with customers with real, verifiable and immutable product and transaction data.

2. WEB3 establishes transparency

With the help of Web3 development company, we can not only create independent and extraordinary hash values for data and each transaction (including claims and authentication), but also establish trust and security in the supply chain and logistics management process. It also grants individuals unlicensed and open access so that they can go through the entire process of supply chain and logistics management.

Once Web3 registers an enterprise's supply chain, it immediately verifies its authenticity with the help of a network verifier. This latest version of blockchain technology contains transparency factors, which helps to update and verify the information on the Web3 supply chain in real time.

3. It provides tradability for the supply chain and logistics industry

One of the most important features of Web3 is tradability, which defines the quality of readability and redefines traditional concepts related to the market. Web3&Blockchain enables supply chain participants to tokenize assets very easily.

In this way, they can divide the goods into equal parts and obtain the approval of the legal or digital ownership of the participants who token the assets. This is exactly the same as partial ownership shares in stock trading. Then, for the token owner, all tokens will become easy to trade and transfer.

4. Simplify product recall in the supply chain

The global supply network supports everything from consumer packaged products to product recalls. Because recalling consumer goods or raw materials is necessary to prevent injury or disease. The recall of consumer goods has a devastating impact on millions of people worldwide. There are several reasons, including loss of sales, repair costs and legal costs. In this case, Web3 improves product traceability by reducing duplication and promoting product recall.

Web3 enables manufacturers to quickly and easily search for damaged products, thereby reducing recall costs or improving recall efficiency. In addition, this blockchain based technology enables the supply chain to conduct visual, traceable, fast and more effective recalls.

5. Improve compliance and reporting in supply chain and logistics

Many patients rely entirely on prescription drugs, which is why all pharmaceutical companies have become more focused on management and consistent reporting. In addition, the supply chain prevents the company from operating in a more effective way with drugs that are under stocked or even overstocked.

Web3 based consistency and reporting automation prevent errors due to manual processes and reduce all reporting related costs. Web3 can significantly improve compliance because it can also report on medical devices, drugs, manufacturers, and various consumer products. In addition, it is the best technology to provide real-time information and disseminate information to the most appropriate stakeholders.

summary

The above content is a brief description of the five benefits of Web3 for supply chain and logistics. Web3 is a blockchain based or decentralized technology in the supply chain or logistics industry. Its implementation is an evolution, not a revolution. At present, many industries are using this technology, which will enable them to pave new growth opportunities for global businesses. This is the most effective tool to prepare enterprises for existing problems.