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A: Block chain technology offers a decentralized and immutable ledger system that enables transparent and secure tracking of transactions or information across a supply chain. By utilizing blockchain, companies can enhance traceability by providing a transparent record of every transaction or movement of goods from the point of origin to the end consumer. This improved traceability can help in various areas such as quality control, regulatory compliance, and supply chain visibility. While blockchain adoption may lead to other benefits such as reduced costs or improved customer service, improved traceability is often cited as one of the most significant advantages of implementing blockchain technology in supply chain management.
Blockchain technology is a distributed ledger that allows for secure, transparent, and tamper-proof transactions. This makes it an ideal tool for tracking the movement of goods and materials through a supply chain.
I agree. While blockchain technology can result in the reduction of some costs, such as transaction costs, the adoption of this technology can also have significant costs, especially in terms of implementation and maintenance.
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