Introduction to Benefits of Blockchain
It wouldn’t be an exaggeration to say that Blockchain is one of the most promising and evolving technologies to have attained popularity in recent years. While large companies are already aware of the ways to deploy Blockchain to enable smart contracts along with seamless verification of identities, the smaller ones are yet to figure out what to do with Blockchain.
From banks to eCommerce companies, Blockchain technology can be deployed virtually everywhere. As the Blockchain industry continues to mature and grow, ERP vendors to are working hard to integrate this distributed ledger technology.
One of the key highlights of Blockchain is that it facilitates a trust system of records between disparate organizations. In case you don’t know, Blockchain allows digital data to be distributed. However, it cannot be copied.
The Evolution of Blockchain in Recent Years
There is no denying the fact that Bitcoin has evolved as an excellent technology. What’s more impressive is the fact that it has become the backbone of many large corporations. This is the sole reason why experts are vouching for the integration of ERP with Blockchain. With the integration of Blockchain and ERP, the businesses would be able to fine-tune their investments while streamlining the overhead costs.
Always be mindful of the fact that Blockchain allows you to keep a tab on the transactions between wallets. On the other hand, inventory management is one of the most important issues for companies that deal with the sale of physical goods. As soon as the customer places an order, the seller has to prepare the product and dispatch it immediately. Moreover, there are other processes that need to be taken care of to ensure the smooth running of the organization.
At present, all these processes are managed through ERP systems. However, this process is a time-consuming one and hence eCommerce companies need to sort this issue out. Even when you are opting for NetSuite eCommerce integration, the process would be quite slow.
The integration of Blockchain with ERP systems usually seems very promising for the eCommerce industry. In short, this integration would imply that the eCommerce companies can benefit from the Blockchain network. So with these things in mind, let’s take a look at some of the amazing benefits that Blockchain integration with ERP for e-commerce would provide.
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Top Benefits of Blockchain Integration with ERP for Ecommerce
Ability to Deploy Smart Contracts
In case you don’t know, smart contracts digitally verify the transaction’s authenticity. After the verification process gets completed, they are usually enforced automatically. It is worthwhile to note here that the credible transactions are automatically verified so that there is no need to opt for third-party interventions.
Quite impressively, you can deploy smart contracts to keep your stock replenished. You can automatically authenticate inventory purchases with the help of third-party suppliers. With smart contracts, you would be able to reach an agreement and formalize it.
A Greater Amount of Supply Chain Visibility
One of the key highlights of integrating Blockchain with ERP for e-commerce is a greater amount of visibility. Everyone involved in the supply chain can easily observe the journey of the products or the goods from your manufacturing plant to the warehouses of the sellers. What’s more impressive is the fact that you can follow the product even during delivery to the consumers.
Ability to Verify Identities
One of the most important utilities of Blockchain is to verify identities. There is no denying the fact that e-commerce companies want a system that can verify the identities of the customers to process claims.
This is where deploying Blockchain technology has its own set of benefits. With Blockchain, you can easily verify customers along with their identities. As an e-commerce company, you can even verify the identities of your customers during after-sales services with Blockchain technology. You can even authenticate those who access sensitive data on your systems.
Enjoy Risk-Free Financial Transactions Digitally
When integrating Blockchain with ERP, you would have the flexibility to enjoy risk-free financial transactions over the digital medium. Whether you are opting for B2B or B2C transactions, you would have access to a secure and regulation-compliant environment. With the help of Blockchain integration, you would be able to avoid middlemen in financial transactions. You can even decrease the time of payments to a great extent.
Enhances the Security of your Organization
One of the most crucial reasons to use Blockchain is the ability to ensure data privacy along with system security. Note that the integration of Blockchain along with ERP for e-commerce would help you to augment your cloud security. What’s more impressive is the fact that it can identify suspicious and unauthorized data access.
When integrated with ERP for e-commerce, it can help you with the recognition of suspicious transactions. You can even help with the aversion of threats carefully. In short, this process of integration would optimize your industrial performance and render a competitive edge.
Promotes Trust between Supply Chain Managers
Usually, e-commerce companies have a predefined set of operational procedures to maintain the supply chain. It also involves people to which they can trust. But if the new corporations are being set up, there would always be a lack of trust among the managers. Note that the use of Blockchain technology can eliminate trust issues existent between the various stakeholders of the supply chain.
A Greater amount of Data Privacy
The integration of ERP with Blockchain can help prevent leakage of data. It can also identify suspicious attempts of unauthorized access. Moreover, the integration of Blockchain with e-commerce ERP can also identify the security threats in real-time.
Well, the e-commerce industry is evolving on a daily basis. Building sophisticated tools can be costly and hence deploying an existing system can be extremely useful. The integration of Blockchain and ERP for e-commerce, would help you fine-tune your entire business processes. Blockchain technology also increases the credibility of your business and renders you a competitive edge.
Mrudul Modh is the chief NetSuite Consultant of VNMT, A Netsuite Alliance Partner with years in Netsuite development services and implementation across diverse industry niches.