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Supply chain solutions Power Research with Blockchain: ChainLink case (link)
The financial world has made a significant change in recent years due to the growth of cryptocurrency and Blockchain technology. Cryptic currencies, such as Bitcoin and Ethereum, have disturbed traditional financial systems, providing an alternative exchange tool and reducing the cost of transactions. However, the value offer exceeds only money transfers, and supply chain solutions using Blockchain are becoming more attractive.
What is the supply chain solution?
The supply chain solution applies to all processes or systems that are used to manage and optimize goods, services or data from raw materials to end users. The purpose of these solutions is to increase efficiency, reduce costs and improve customer satisfaction by rationalizing processes, reduces waste and improves information accuracy.
Blockchain Technology: Main Component
Blockchain Technology is a widespread digital center that enables safe, transparent and wrong resistance to offers. This allows several parties to participate in the network without demanding intermediaries or centralized authorities. This decentralized approach has many benefits to traditional supply chain solutions:
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Increased Security : Blockchain encryption algorithms ensure that the data is safely protected from unauthorized access.
- Transparency : All events are recorded in the public leading by providing immediate visibility throughout the supply chain process.
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Continuous maintenance of records : data cannot be changed or deleted when written in the block chain.
Chainlink (link) Relaxed study
Chainlink is a decentralized Oracle network that provides reliable and safe sharing between the different systems of the Blockchain network. Basically, Chainlink offers a “bridge” between smart contracts and external sources of information, allowing developers to use a wide range of real world data while maintaining their application management.
How chainlink works
The ChainLink architecture consists of three major subjects:
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Intelligent Agreements : These are self -monitoring agreements on the terms of the agreement, which are written directly in the code ranks.
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Chainlink Node : a node that connects users to an external orker so they can use the real world information.
Benefits of chain chain from supply chain solutions
Blockchain’s integration with Chainlink has many benefits in supply chain solutions:
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Increased Visibility : Now actual time visibility is possible throughout the supply chain process, allowing you to make decisions faster and improve customer satisfaction.
- Improved efficiency : automation and process development leads to a significant reduction in cost and time markets.
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Increased information accuracy : Chainlink decentralized and reliable architecture ensures that the accuracy of the data is still high, even taking into account changing or unreliable external sources.
Applications of real world
Chain link is used in many industries including:
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Supply chain management : Companies such as Walmart and Toyota use ChainLink to improve the visibility of the supply chain and automate decision -making.
- Financial Services : Banks and financial institutions use a chain link to ensure information exchange with external sources, such as payment processors and market information providers.
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Health Care : Healthcare organizations use a chain link to get real -world information about patient results, medication efficiency and disease treatment.