Numerous stakeholders in a supply chain need to trust and verify the authenticity of goods, as well as the quality, cost and delivery of services. Websites like ethereumprofit.org carter their UI and strategies for experienced and new bitcoin traders. The platform has paid extraordinary attention to detail while designing its user interface. 

These requirements are complex, costly and time-consuming to administer. Ethereum has the potential to disrupt this industry by using smart contracts. When the conditions of a smart contract are fulfilled, the program produces an output to signal completion and trigger the next event in the process. 

As a result, they provide unprecedented speed, accuracy and cost-effectiveness to supply chain management. The below-mentioned portion will discuss how a smart contract and ethereum can be used by people to perform supply chain functions. 

Smart Contracts for Supply Chain Management:

The purpose of a smart contract is to auto-execute when the pre-selected conditions are met. As a result, they provide unparalleled speed and accuracy to supply chain management compared to traditional systems. Any stakeholder in the supply chain (order taker, manufacturer, distributor, and retailer) can know exactly where the token is at any given time and its exact location. From a cost and efficiency perspective, transparency is excellent for regulators and stakeholders in the supply chain.

The Ethereum blockchain is the perfect vehicle for intelligent contracts, allowing anyone to create programs. Smart contracts can be created for any supply chain and potentially any industry that relies on a supply chain. Each stage needs to have specific conditions met before proceeding to the next stage in the supply chain process. 

The most basic example could be a simple transfer between two parties needing to meet specific criteria, such as verifying the identity or delivery date before transferring goods or money. The following is an analysis of different supply chain schemes and how smart contracts can solve some of the industry's problems.

Global Supply Chain:

If a product is manufactured in one country, shipped to another, and sold in another, it is considered a global supply chain. Therefore, each time the product changes hands, there is a risk of corruption or theft. For example, if the manufacturer did not produce enough units for the retailer to sell, or if units were stolen en route from the manufacturer to the retailer, both parties would not be compensated by people for their part in the supply chain process.

 It would be ideal for all parties involved in the supply chain to know the actual, verified location of any given item at all times. Theft of intellectual property, loss of funds, and loss of time and efficiency due to lack of information is expected in supply chains. Due to a lack of trust between the parties involved, they are forced to use inefficient accounting processes that are both time-consuming and costly.

Be Your Bank:

With smart contracts, a buyer can deposit money directly into a smart contract when they purchase an item or service, guaranteeing payment at delivery. It eliminates the need for costly escrow services or third-party financial institutions that incur significant processing fees each time you send money abroad. Additionally, the intelligent contract creates a secure and provable record of ownership and delivery history. If the item is lost or stolen before delivery, the funds can be returned to the buyer without any hassles. This process is similar to blockchain technology in banks today.

A chip on every item:

Users can program intelligent contracts with an embedded chip in every physical product. It would then allow an individual to track instantaneously where a specific item is at all times. For example, a drug dealer might want to track his drugs from beginning to end. 

If the customer paid for the item in cash, the product could be tracked from manufacture to delivery until it reaches its final destination. The user can also program intelligent contracts to release a specific amount of funds when a product reaches a particular location in the supply chain. It would allow an individual to track instantaneously where an item is at all times and prevent theft or loss.

Ethereum integration in the supply chain:

An example of supply chain integration with ethereum could be a smart contract that is automatically executed upon product delivery. The intelligent contract weighs and verifies the amount of product shipped and then releases payment to the shipper. It all happens instantaneously, as opposed to systems today where only later are things verified after a dispute has arisen.

Ethereum for decentralized applications in the supply chain:

An ethereum based supply chain solution could be used by people not just for shipping and storage but also for 3D printing and autonomous vehicles. In addition, a third-party program that runs on a blockchain can also be used for storing data on digital media such as pictures or music. In such a case, the intelligent contract network would allow instant payments from the buyer to the seller without a third party being involved.

The Future of Supply Chain Management:

Demand for scepticism in supply chain management is rising because fraud is bound to rise. Smart contracts can provide a comprehensive solution to this issue by leveraging trustless blockchain technology and providing real-time transparency on all aspects of data that drives intelligent contracts.