CONTRIBUTORS
INCORPORATING COLD CHAIN that allows for real-time tracking of goods at every stage of the supply chain , blockchain technology can help address many of these challenges . It provides a tamper-proof ledger that ensures data integrity while enabling all parties on the network to access information in real-time .
It is also the above that makes it a compelling solution to South African businesses that require transparency and traceability . For example , in agriculture , where both provenance and authenticity are vital – blockchain meets the needs of an increasingly sophisticated consumer marketplace – origin and quality are major prerequisites when purchasing goods .
Taking it one step further , AI and blockchain for example enable realtime tracking of products from source to destination . This transparency ensures sustainable practices , such as verifying organic certifications , fair trade , and responsible sourcing .
Moreover , by monitoring energy consumption , emissions , and waste , AI-driven analytics can identify areas for improvement . Blockchain fortifies this action by ensuring data accuracy and trust , allowing stakeholders to collaborate on ecofriendly initiatives .
Blockchain can also significantly reduce transaction costs and overhead by eliminating intermediaries and streamlining processes . Smart contracts , which are self-executing agreements coded on the blockchain , automate routine tasks and
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Blockchain meets the needs of an increasingly sophisticated consumer marketplace – origin and quality are major prerequisites when purchasing goods .
enforce contractual obligations . This saves on valuable time and resources while minimising the risk of errors and disputes , leading to more efficient supply chain operations .
To re-emphasise , blockchain offers the following important benefits to supply chains :
• Traceability - it creates an immutable ledger of every product ' s journey , from origin to destination . This transparency allows accurate tracking of goods , enhances accountability , aids in product recalls , and builds consumer trust .
• Transparency- blockchain ' s decentralised and tamper-proof ledger provides realtime visibility into inventory levels , order statuses , and work in progress . This transparency improves coordination and decision-making .
• Transparency and trust - blockchain ' s decentralised and transparent nature ensures that all parties have visibility into the contract terms and execution . This transparency builds trust among supply chain participants , as everyone can verify compliance with pre-agreed terms .
• Cost reduction -by eliminating intermediaries and manual paperwork , smart contracts reduce administrative costs . This also minimises the risk of errors or disputes , leading to overall cost savings .
• Real-time verification - smart contracts validate data and events in real time . For example , when goods are received , the contract can automatically trigger payment release . This real-time verification ensures adherence to agreed-upon terms without delays . CLA
AI and blockchain for example enable real-time tracking of products from source to destination .
26 www . coldlinkafrica . co . za COLD LINK AFRICA • October 2024