Blockchain in the Milk Industry
A Blockchain is a database shared among different parties in a supply chain; it cannot be tampered with, and once data is written onto the Blockchain it cannot be erased. Hence, it provides a single shared ledger for all parties in a supply chain. Blockchain is an emerging technology that mainly solves for 3 problems in supply chains - a. Traceability: Determining the origin and authenticity of a product. b. Coordination: Coordinating between different departments (accounting, finance, dispatch, logistics) and reconciliation of documents. c. Contracts: Automation of payments, invoicing, and audits.